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Declining Crude Oil Prices and the Nigerian Naira

With entire industries across the country currently shut down due to the Coronavirus, one source which had continued to generate the much-needed cash and foreign exchange for the Nigerian government was the sale of crude oil, albeit at lower prices . This week, prices declined even further, causing Nigeria’s Bonny Light crude oil blend to sell for around $12 and $13 per barrel. Despite the low price of crude oil, Nigeria currently has about 10 million barrels of unsold crude oil, and traders expect this number to increase in the following weeks and in the month of May. These low prices (compared with prices from 12 weeks before) and the inability to find buyers for the 10 million barrels at such low prices can be traced to the Coronavirus pandemic which is still spreading across the globe. With factories shut down, and transportation and other economic activities put on hold across Europe and Asia (some of Nigeria’s major buyers), there simply is not enough demand to match oil ...

Withdrawing your pension before retirement... today

“Without prejudice to subsection (1) of this section, any employee who disengages or is disengaged from employment before the age of 50 years and is unable to secure another employment within four months of such disengagement may make withdrawal from his retirement savings account in accordance with the provisions of section 7(2) and (3) of this Act” – Pension Reform Act, 2014. I have not had to quote the provisions of any Acts or Laws since I made the switch from being an International Tax consultant to being a Strategy and Transactions (M&A / Corporate Finance) advisor in 2016. It feels like a lifetime ago, and it was only about 13 months after the switch that I left Lagos for Stuttgart. Amidst the thoughts of uncertainty that plagued me as I prepared to leave home in August 2017, for a country where I did not know anyone or speak the language, I also wondered “what would happen to my pension when I leave?”. I managed to convince myself to deal with the present and onl...

Smart Investing with Nosa

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