Perhaps unexpected was the collapse of the barrel price, certainly dramatic! … For developing countries with the oil-driven economy has been a drag on their growth. Nigeria, already struggling with a population growth faster than any possible economic growth, has suffered particularly the tremendous loss of export value. Fortunately, the Nigerian domestic market has held up, unfortunately with serious sacrifices for the population.
Population growth and low GDP growth have widened the poverty strata: this has recently been certified by international analysis, from which we learn that Nigeria has beaten India as the country with the largest number of poor people.
Population means “future” … little growth means “future in poverty.”
Nigerian industry and agriculture failed to offset the value lost by oil, however not everything went wrong or the positive trends of some economic indicators would not be justified.
We can not forget that the oil crisis was only part of the global crisis that hit the planet: globalization crisis !!
There is also good news for Nigeria: oil is steadily around seventy dollars and Trump, with its policy against Iran and other “hostile” countries, could push the barrel to one hundred dollars. The American policy has taken by surprise the oil companies that, having reduced investments in recent years, can not cope with the market demand. Hardly Russia and Saudi Arabia still calm the price by pumping more.
Yes, there is room for Greater Nigeria.
Romano Pisciotti
