Falling Oil Price and Nigeria

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Falling Oil Price and Nigeria
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• The oil prices have been steadily going down in
  the last couple of years, prompting a flurry of
  concern from the investors. This decline in oil
  price has come up as a result of the increase in
  supply of oil, making the investors grow weary.
• As U.S. crude CLc1 prices fell by 1.32 to 38.07
  and Brent crude LCOc1 from 1.2 to 39.07 per
  barrel, the investors were not happy. And with
  good reason, given how several companies have
  gone bankrupt since oil price took a plunge, and
  over 250,000 workers lost their jobs in the
  process. A meeting has been scheduled in April
  for the major global oil producers to discuss
  combating the fall in oil price by means of
  output freeze. It remains to be seen how fruitful
  this meeting will be though.
• In other news from Nigeria, President Muhammadu
  Buhari has urged the South Sudanese government
  not to depend solely on revenues from oil, but
  try to explore other channels of growing the
  countrys economy such as agriculture.
• President Buhari made this statement while
  receiving the outgoing South Sudanese ambassador
  to Nigeria in Abuja. He told the envoy that due
  to Nigerias heavy dependency on oil in the last
  several years, its economy has been severely
  affected by the ongoing fall in oil price. He
  advised that instead of depending on oil, they
  should aim to achieve economic stability as well
  as job and food security by investing in
  sustainable agriculture. Nigeria is currently
  reeling from the global oil price drop, and its
  economic growth has slowed down from 6.3 in 2014
  to just around 2.7 in 2015. President Buhari
  blamed the opposition Peoples Democratic Party,
  saying that even when the country was once
  selling crude at over 100 a barrel, there were
  no savings by the previous government which is
  causing a lot of problems now.

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• In response to President Buharisadvice,
  ambassador Riak spoke highly of his four-year
  long stint as ambassador to Nigeria as very
  fruitful. He also agreed that since South Sudan
  was fortunate to have a lot of fertile land, any
  investment from Nigerian companies in relation to
  agriculture will be welcome.
• President Buhari is known to form fruitful
  relations with internal as well as global
  leaders. As a result, he has been able to develop
  good friendship with the United States, which has
  become the largest foreign investor in Nigeria.
  Just a few weeks ago, the United States Secretary
  of States, John Kerry, announced that the U.S.
  will invest over 600 million this year in
  Nigeria as a developmental fund which will be
  dedicated to developing the countrys young
  leaders, fighting illiteracy and diseases like
  HIV/AIDS. This fund will especially prove useful
  since the country is still reeling from the
  effects of Boko Harams insurgency and terrorism,
  which has caused a lot of loss for the people of
  Nigeria, both economically and socially.