Browsing: Global Crude Oil

On the national front, the year 2016 will arguably be one of the toughest years for businesses in recent history. A regime of weak Global Crude Oil prices and declining volume output due to production shortage in the Niger Delta grievously affected Federal Government revenue resulting in unprecedented foreign exchange shortages. The country recorded its first negative GDP rate in 20 years. Following two consecutive quarters of negative GDP growth, the economy unfortunately slipped into recession with all the attendant repercussion of macro-economic tremors that affected the well-being of the populace.