The Federal Government, yesterday, warned that Nigeria, will from this November, begin to feel the impact of the declining price of crude oil in the global market. Speaking at the Institute for International Finance’s 2014 Africa Financial Summit in Lagos, hosted by Access Bank Plc, Dr. Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy disclosed that event unfolding over the last couple of weeks have cast a shadow over the global economy, especially Nigeria and other African countries. She reiterated the fact that commodity prices are declining globally in the last couple of days, with the Bonny Light, Nigeria’s reference crude, trading at about $83 per barrel. This, she said, is assuming a disturbing dimension, especially as crude oil export accounts for about 83 per cent of Nigeria’s total export, as well as the fact that the country has to grapple with falling quantity. She said, […]