Nigeria is in trouble and is heading for a full-blown depression – Femi Fani-Kayode on oil price drop

Femi Fani-Kayode, a former minister for aviation has raised the alarm that Nigeria is in big trouble following reports that crude oil now sells for $11 USD dollars per barrel.

Speaking via his official Twitter handle on Tuesday, he further raised the alarm that the country is heading into deep recession with the report.

He wrote:

“Nigerian crude oil is now trading at $11 USD dollars per barrel whilst it costs almost $30 to produce that same barrel.
We are in a mess! Our nation is in trouble and we are heading for not just a recession but a full-blown depression. Nigerians need to brace up for the worse!”

See tweet below;

Nigerian crude oil is now trading at $11 USD dollars per barrel whilst it costs almost $30 to produce that same barrel.
We are in a mess! Our nation is in trouble and we are heading for not just a recession but a full-blown depression. Nigerians need to brace up for the worse!

— Femi Fani-Kayode (@realFFK) April 21, 2020