Nigeria: Oil Fall Continues Complicating Nigeria's Revenue Problems

Crude oil prices continued to fall on Monday, raising more concerns for Nigeria at a time the country faces severe revenue problem.

Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5 per cent for the week on a stronger dollar and demand fears,"Reuters reported. In March, the prices hit $130 a barrel, the highest since July 2008. However, the prices have in recent weeks been falling amid fears of recession in the U.S., increased supply of oil by OPEC and Russia to other countries and the release of reserves by western countries.

A senior economist at SPM Professionals, Paul Alaje, said the continuing fall in crude oil prices comes with serious implications for Nigeria, as it will continue to impact on the country's revenue.

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