The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is’ – Winston Churchill



As someone who has routinely warned about grave dangers if drastic changes were not made to Nigeria’s fiscal and monetary habits, I constantly carefully analysed and wrote on various risks factors that were narrowing Nigeria’s window of making it out of over five decades of its oil windfall with something more than gloom, doom and a sad memory of missed opportunities

These risks ranged from the demand-side challenges from alternative and renewable energy sources and electric cars to seemingly myriad issues on the supply side including the fracking and shale oil that has decimated Nigeria’s crude exports to the US in particular. Lately (actually at different points over the last six years), the bemusing game of self-flagellation between Saudi Arabia and Russia to test the limits of global storage capacity by oversupply, offering discounts generally forcing a downward pressure on oil prices added an interesting dimension to these risks.

Three months ago, my outlook for Nigeria’s financial health was mostly as it had been over the last decade. My two main areas of concern were forex and the refined petroleum (downstream) sector, areas responsible for massive, but below the surface economic mismanagement and systemic leakages. I often hoped that:

READ MORE : http://vor.org.ng/vor/index.php/2020/05/11/escaping-the-looming-abyss-i/