Don’t Expect Any Higher Oil Prices Next Year, World Bank Warns Nigeria
You see, oil prices are picking up – from an abysmal $30 per barrel last year to almost $60 per barrel this month.
Good news especially for nigeria.
But the World Bank is warning Nigeria not to bank on it. It could be deceptive, they say.
The global lender is asking Nigeria not to expect any significant shake-up in commodity prices next year.
But it also noted that big drop in export commodity prices that led to significant economic shocks last year in commodity exporting countries including Nigeria may not occur in 2018.
Also Read: Why Dangote Wants Oil Prices To Remain Low
According to the World Bank, countries trading in export commodities next year should look for small upticks in oil and crops prices.
But overall, raw-material prices may get stuck in a bit of a lull.
This was the summary of a report issued on Thursday by analysts for the Washington-based World Bank, according to Bloomberg reports.
The bank forecasts an index of energy products to climb by 4% in 2018, while agricultural goods are expected to rise by 1.2% and metals and minerals to drop by about 0.7%.
In addition, Nigeria-based economic analyst, Mr. Johnson Chukwu, said the era of $100/barrel for oil price was over and that Nigerians should not expect that.
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