Emefiele's fears of oil shock and ATM mentality

It is the 10th anniversary of the end of the Great Recession which lasted from December 2007 to June 2009. It was a period of general economic decline observed in the world market. With slowing corporate earnings in the U.S. and sluggish growth abroad, economists predict another recession by the end of 2021, according to the National Bureau of Economic Research. The Governor of Central Bank of Nigeria, Godwin Emefiele appears to be waving the red flag on Nigeria that majorly depends on crude oil for export revenue. Emefiele daintily spoke on the urgency to take actions that would wean the economy from excessive reliance on crude earnings for survival. Last week end in Lagos, Emefiele warned that rising volatility in the crude oil market occasioned by the rapid increase in the supply of shale oil by the United States, portends danger for Nigeria. He fear was that the United States crude production has spiked from nine million barrels per day in 2017, to over 12 million barrels per day today could become Nigeria's albatross.Continue reading Emefiele's fears of oil shock and ATM mentality at Vanguard News.
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