Nigeria's oil revenue is likely to decline by between 70 per cent and 80 per cent this year, representing between $15 billion and $17 billion, the Chief Executive Officer of Financial Derivatives Company Limited and a member of President Muhammadu Buhari's Economic Advisory Council, Mr. Bismarck Rewane, has predicted.
The country recorded crude oil and gas export sales revenue of $434.85 million in January 2020, the Nigerian National Petroleum Corporation (NNPC) disclosed recently.
Oil contributes 90 per cent of the country's exports, 30 per cent of bank credits and 50 per cent of fiscal revenues.
According to the economist, the country's other domestic revenue sources have also been negatively affected by COVID-19.
"African countries will continue to face a number of difficult economic policy challenges and near term focus will be on the containment of the virus.
