Recap of Nigeria's 2014 Economy
DIVERSIFYING THE NIGERIAN ECONOMY: AN IMMINENT IMPERATIVE December 19, 2014 By Desmond Onyeka Agwunobi It is no longer news that the crude oil price has dropped below Nigeria’s budget benchmark for the third time. Consequently, another downward review of the 2015 budget is on the way. Within a couple of weeks, the Federal Government has changed its benchmark twice from $78 to $73 and lately to $65. The fact that the United States of America – the major consumer of our product backed out a couple of months ago has not really helped matters. Nigeria is a mono product based economy. And that is why the issue of economic diversification is timely and a subject for serious deliberation. Why is Nigeria as a nation sweating over the global dwindling of the price of crude oil? It is simply ...