There have been various concern over the implications of the hustling of price of Oil for the general economy especially Nigeria which is majorly dependent on oil for its revenue. This write-up titled “The rise and fall of Nigeria’s oil sector” is aimed at unveiling the effect the fall in oil price has on Nigeria’s economy and the prices of crude oil in the international market. This study also ascertains the reason for the increment in oil price as a result of the conflict between the United State of America oil sector and the United Arabs (The shale Vs sheik oil) respectively. Here the Sheik oil sectors are able to sell their crude oil with Zero profit leaving Nigeria to feel brunt because it has only $500 million in its Sovereign Wealth Fund (SWF). Furthermore, the write up identifies some major issues Nigeria is faced with as a result of this and probable root cause. It is however, recommended amongst others that Nigeria should privatize the refineries, also to develop other sector of the economy so that the danger faced by the country, hence the over-dependence on oil would be reduced.
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