Nigeria no longer among top oil producers, says expert

Economic and financial expert have said that Nigeria needs to step up its game to revive the economy, as it has lost its space among the world Top 10 oil producers.

Speaking at the 2020 Nairametrics Economic Outlook, Managing Director, SBM Intelligence, Cheta Nwaze, alerted that Nigerians should stop seeing the nation as top oil producers in the world, as the most populated black nation has lost its space to China, United States of America, Canada, and Mexico among others.

According to him, these countries have been strategic in approaching their economic issues, a move Nigeria failed to make over the years.

He said, “China produces double of what Nigeria does per day, while Canada, US have come up the ladder too. Russia as we talk actually call the shots in Organisations of the Petroleum Countries, as it issues Press releases after every meeting.”

On the expectations of business owners in 2020, another economic analyst, Wale Okunrinboye, explained that the cost of doing business in Nigeria in the New Year will go up and that is due to increment in tax rate and high inflation.

He said, “Businesses will pass cost to customers depending on how much they can take as pay more tax. Unfortunately, the tax paid fund government cost and does not put food on the table of the Nigerians on the street.”

The event, which is an annual event, is a town hall meeting specially designed for Micro, Small and Medium Enterprises (MSMEs), Fintechs, and Startups to intimate them on national economic issues, budget interpretations, and investment opportunities among others.