Coronavirus disease is negatively affecting the sales of crude as it has dropped drastically due to companies shutdown.
The effect is quick telling back home as the deals of Nigeria’s crude oil in the international market has fallen from its projection of $57 per barrel for 2020.
The Nigeria’s Minister of State for Petroleum, Timipre Sylvia has communicated solid worry about the circumstance which has left the nation’s projection for 2020 with a setback that might be too gigantic to even think about recovering in “short notification”.
As Coronavirus bites harder, Nigeria’s oil fortunes drops 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.
Nigeria had trusted 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 absolute bottom as worldwide price for crude dropped in the wake of the flare-up of Coronavirus disease and with the focal point 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 expressed 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 saying the scourge has reached “pandemic level” as the disease spread across regions outside China with the first case recorded in Nigeria.