Nigeria’s economy in 2020: What happened?
Lagos city landscape. Source: Obinna Okerekeocha via Unsplash

‘Tis the season for recaps and forecasts, for giving thanks and looking back. And while no gift can compare to a Stears Business Premium subscription, I thought it would be nice to look back at what happened in the Nigerian economy in 2020.

A lot has happened, as you can imagine. So, I selected what I consider to be the five most important economic stories in the year, using interesting graphs as our guide down memory lane.

Here you go then: the five things that happened in the Nigerian economy in 2020. 

 

#1 Global oil prices go negative

On the 20th of April 2020, sellers offered buyers up to $37 to take crude oil off their hands. Even in a year as strange as 2020 has been, negative crude oil prices are a pretty memorable event.

It all started so well as well. Brent crude, the crude oil grade used as a benchmark by Nigeria and

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Michael Famoroti

Michael Famoroti

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