Oil Economy Focus Rapid Review
Chief Executive Officer, Economic Associates, Ayo Teriba argues that Nigeria could have avoided the economic recession, devaluation and inflation that accompanied the loss in foreign exchange revenue due to decline in crude oil price between 2014 and 2016, if government had taken the right step namely to build external reserves buffer. He noted that even till now Nigeria has not done this. It is a must, he added, that the country should do so, and follow the example of Saudi Arabia which is opening up 16 sectors of its economy to attract $200 billion in foreign direct investment.
LINK TO THE SOURCE ARTICLE: Nigeria: External reserves buffer needed against oil price changes
