The surge in oil prices comes with serious implications for both oil producing and non-producing countries alike.

The price of crude rose on Monday to $130 a barrel, the highest since 2008 as the United States and its European allies considered banning the importation of Russian oil in protest against Russia’s invasion of Ukraine.

Brent crude futures jumped $12.61, or 10.6 per cent, to $130.72 a barrel by 0449 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $10.41, or 9 per cent, to $126.09.

Monday’s intraday highs were near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.

The expectation is that oil exporting countries will rake in revenues and grow their foreign reserves, while the cost of goods will rise globally. But for a country like Nigeria, which sells crude and buys refined fuel, the effects will not be as straightforward.

The chief executive officer of the Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria can reap from the development but said there were challenges too.

He compared the present situation to what obtained in 2008 under former President Umaru Yar’adua and Central Bank governor, Charles Soludo, when Nigeria’s external reserve was $60 billion, its excess crude account was $22 billion, and Naira traded at N158.00 a dollar.

Nigeria’s reserve currently is about $39 billion while the excess crude account plunged to just about $35 million. Naira is trading at N570 and N580 at the black market.

“In other words, with the same price of oil we are having a currency which is 300 per cent weaker than what it was in 2008,” Mr Rewane said in an interview on Channels TV business morning show on Monday . “We call it the paradox of oil. Oil price is up, the naira is down. Oil price down, naira down.”

“And all of us should be happier. But the reality is that all things being equal, the naira should appreciate, the reserves should be higher and all of us should be happier.

Source: https://www.premiumtimesng.com/business/business-news/515917-whats-in-store-for-nigerians-as-oil-prices-surge-experts-speak.html

Something that should have favoured us is turning out to be a curse.
Subsidy payment on a liter of petrol is now #400.
Diesel now sells for #620 per liter. Tell me what you want manufacturers to do when NEPA isn't available.

Which way Nigeria?

President Buhari and APC have consistently lament PDP wasteful 16years and always cite high oil prices of early 2000 to mids 2000 as example.
Now is there turn to show what they can do with the current oil prices boom.

I don't mean to sound bad but when ever I think of the time we were counting election results individually in our NYSC lodge I feel sadden (2015 Election).

The middle beltans were doing very well giving Goodluck votes in thousands then, after some time I remembered how sad it was when buhari took over the lead against Goodluck with votes coming from the southwest.

After all the vote where counted, buhari defeated Goodluck with just 2 million votes and all those votes came from southwest.

Now that the country is rotten beyond repair they want to get odudowa republic and leave us with the same illitrate they help brought

We will all suffer together, Nigeria will not separate at all. You will see

More hardship
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