Economy Watch: As the Price of Crude Oil Continues on a Free Fall

Today, I wish to inform the House that the world, especially Oil Producing Countries is in a panic. The price of crude oil is in free fall. About two weeks ago I predicted economic crunch for Nigeria in 2015. Just two days ago Nigeria devalued its naira from 1USD to N155 to 1 USD to N168. While the Governor of the Central Bank of Nigeria said it is to strengthen the economy, it is not true or even correct. Any seasoned economist here can challenge me to that. Nigeria exports majorly crude oil (and barely nothing else) and the price is now 68 USD per barrel falling all the way from 150 USD. Nigerians should tighten their belt and brace for the hardship that will come. However, because we are used to hard life, the ordinary Nigerian may not notice the impact immediately. The result will be inflation, then hyper-inflation. The Organisation of Petroleum Exporting Countries (OPEC) today threatened a shut-down of further crude oil productions. Nigeria should brace up for the tight times. Our leaders should come up with strategic economic policies to bail us out of our dwindling fortunes. I predict here today that the naira will be devalued again shortly. This situation is caused primarily by the United States of America producing about 14 million barrels of crude oil per day. America has never sold crude oil before, there are now plans for the Nation to sell 1 million barrels of crude oil per day. The pump price of gasoline has been falling steadily in USA for two months now. We need to act fast.