According to a recent report released by Bloomberg, the 500 most wealthy people in the world lost 2.1% of their collective net worth in a day.

This happened as a result of the plunge experienced by U.S. Stocks on Monday, which is the biggest drop this year.

According to the report, 21 members of Bloomberg’s Index lost $1 billion or more due to the rising tension between the U.S. and China.

Jeff Bezos lost $3.4 billion: Jeff Bezos, founder of Amazon.com Inc is the most affected. He lost $3.4 billion as shares from the ongoing tumbles of online retails. Jeff Bezos, however, remains the richest man in the world and is worth $110 billion.

Aliko Dangote retained his position as the richest man in Africa for eight consecutive periods despite the decline in his wealth from $12.2 billion in January 2018 to $10 billion in 2019.

According to Forbes, the drop witnessed by Dangote came as a result of the almost 20% drop in the stock price of Dangote Cement, which is arguably his most valuable asset.


Oil price dropped to below $60 a barrel in the early hours of Tuesday, as trade tension between the U.S and China intensifies. This is the first time Brent oil price would inch down below $60 since January 2019.

Specifically, Brent Crude oil price has continued its free fall in recent days and it has finally fallen below $60, as it traded at $59.79 per barrel. Also, the West Texas Intermediate (WTI) was down 24 cents, or 0.4%, at $55.42 a barrel.

Trade tension dips oil price: The latest drop in oil price is due to concerns about weaker crude demand after U.S. President Donald Trump disclosed he would impose tariffs on more Chinese imports, which is potentially ramping up a trade war between the world’s two largest economies.


Nigeria’s budget benchmark: The sharp drop in oil price may threaten the implementation of Nigeria’s 2019 budget. Recall that President Buhari signed the N8.83 trillion budget for the 2019 fiscal year with an assumption that oil price would remain $60.

experts have called for a downward review of the budget benchmark means Nigeria would have to borrow to fund the revenue shortfall.

Nigeria’s debt currently stands at N24.9 trillion and analysts have predicted N30 trillion debt by the end of 2019.

Nigeria spent a whooping N293 billion to service external debt only in half-year 2019.

Another development is being mooted that oil prices could drop to as low as $20 and $30 a barrel as industry experts anticipate the U.S-China trade war to further escalates.

Following the escalating global trade tension, a $20 to $30 oil price means Nigeria would devalue the naira.The CBN Governor, Godwin Emefiele recently disclosed that the CBN would devalue the naira if the oil price falls to that region. This may nosedive the Nigerian economy into another recession.

Currently operating celestial economy

A country run by touts

I pray it doesn't otherwise Zimbabwe will be king where Nigeria is.
People that are earning in dollars will end up buying and entire village.
God help Nigeria.

Trump is only playing Mind games with China.

Everything would be back to normal before US elections

[/quote][quote author=helinues post=81052109]Trump is only playing Mind games with China.

Everything would be back to normal before US elections

Nothing is coming back to normal until he realised.

aremuforlife:

Nothing is coming back to normal until he realised.

That's just the true fact. He acts weird