Coronavirus disease is taking a toll on the sales of crude as it has dropped drastically due to companies shut down.
The impact is fast telling back home as the sales of Nigeria’s crude oil in the international market has fallen from its projection of $57 per barrel for 2020.
Nigeria’s Minister of State for Petroleum, Timipre Sylvia has expressed strong concern about the situation which has left the country’s projection for 2020 with a shortfall that may be too massive to recover in very “short notice”.
As Coronavirus bites harder, Nigeria’s oil fortunes drop drastically from a projected $57 per barrel to $55 with devastating implications on the country’s ability to sufficiently fund the budget for 2020, the Minister has said.
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Nigeria had hoped that China will provide it with the single largest sales when it pegged its projection for 2020 at $57 per barrel of crude.
That projection hit the rock bottom as the global price for crude dropped in the wake of the outbreak of Coronavirus disease and with the epicenter in China.
Nigeria’s Minister of State for Petroleum said the country was extremely worried about the dip which could fall as low as $48 as more companies shut down businesses in the wake of the disease.
The Minister stated this when he joined the Senate Joint Committee on Petroleum on inspection of vandalized petroleum assets in parts of Lagos.
Coronavirus disease has killed over 3000 people since it broke out with the World Health Organization says the scourge has reached a “pandemic level” as the disease spread across regions outside China with the first case recorded in Nigeria in which those involved have been quarantined.
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