Nigeria is preparing for an extended period of low oil prices, Muhammadu Buhari, the president of the biggest oil producer in Africa, said at an energy event on Friday. Nigeria should diversify away from oil, on which it is heavily reliant for foreign exchange income, the president added. Africa’s top oil producer, which is also the biggest economy on the continent, needs to develop non-oil sectors to diversify its revenues, Buhari said, as quoted by Nigerian media. The oil and gas industry continues to be a significant contributor to Nigeria’s economic development and economic growth, representing some 10 percent of gross domestic product (GDP), the president added. Nigeria, like other oil-producing countries, is suffering from the double whammy of the coronavirus-related economic slowdown and the oil price crash. The collapse in oil prices and oil demand, and the new OPEC+ production cut deal – with which Nigeria has yet […]