Home Sectors OIL & GAS Oil Is No Longer Beneficial To Nigeria, Says LBS

Oil Is No Longer Beneficial To Nigeria, Says LBS

Oil Is No Longer Beneficial To Nigeria, Says LBS

Lagos Business School, in its ‘Leadership Imperative & Nigerian Economic Outlook’ report, stated that oil, which is Nigeria’s largest export, is no longer beneficial to the country.

In the report obtained by BizWatch Nigeria, the LBS lamented that despite higher oil prices in the global market, there’s a shortage of forex in the country, leading to the free fall of the naira.

Also lamenting that Nigeria is borrowing to pay petrol subsidy, the LBS report presented by renowned economist, Bismarck Rewane, has it that subsidy was 152% of the oil revenue in the first half of 2022.

Download the full report Here

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