Crude Oil Hits $50 Per Barrel. Nigeria Not Benefitting

For the first time in 2016, Brent crude blend has hit the $50 mark in trading.
Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.

Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country’s oil production level has dropped to a 20 year low.

It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.

This is not a good time to be a Nigerian. There is no sense in the afflictions we have brought on ourselves with this development.