World Bank believes that Nigeria will lose up to 70 per cent of its earnings from crude oil sales in 2020. This is due to the impact and outcomes of the raging Covid-19 pandemic.
Twice in three months, Nigeria has been forced to revise its benchmark on oil production and price, from 2.3mbd and $57/b to 1.9mbd and $28/b.
In a recent report titled: ‘Nigeria Development Update 2020,’ the Bank stated that prices of crude oil are expected to remain low, no thanks to persistent supply glut and equally shaky Nigerian trading partners.
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