The President, Gen muhammadu Buhari has stated that the sudden crash in crude oil price by 45 per cent highlights the need for Nigeria to promote growth in other sectors of its economy.
He stressed that the latest development, caused by the epidemic outbreak of coronavirus, would recklessly affect Federal Government ability and strength to deliver planned infrastructure, especially with the impact on oil revenue.
Buhari mentioned this on Wednesday night at the Presidential Villa during a dinner he hosted for participants of the “Going for Growth in a roundtable session.”
The session, was organised by the Central Bank of Nigeria in collaboration with the private sector to discuss the challenges of the Nigerian economy and proffer adequate solution to the problems its facing.
Buhari said, “The starting of the coronavirus in December 2019, which has spread to over 100 countries,causing a huge percent of death race especially in wuhan, china were it first broke out..this as a result is having a significant impact on global growth, as well as commodity prices such as crude oil, which has since dropped by over 45 percent since January 2020.
Image: Muhammadu Buhari’s File