WORLD'S OIL RICH COUNTRIES EXPERIENCING RECESSION

WORLD'S OIL RICH  COUNTRIES EXPERIENCING RECESSION                                            By:
       Nurudeen Dauda
      1st September , 2016
nurudeendauda24@gmail.com 
nurudeendauda24@yahoo.com 
nurudeendauda.blogspot.com

To begin with, Nigeria an an oil rich country relies heavily on crude oil as its major source of income. Nigeria is currently experiencing economic recession owing to the collapse of the price of crude oil in the international market from as high as $115 in 2014 to as low as $30 in 2016.
                                                          
The following oil producing countries are currently in economic recession:
(1) Brazil’s – with 15.3bn barrels in Reserves is in recession, 
(2) Russia’s –with 103bn barrels in Reserves is in recession, 
(3) Venezuelan’s - with 298bn barrels in Reserves is in recession, 
(4) Libya –with 48bn barrels in Reserves is in recession, 
(5) Ecuadorian’s –with 9bn barrels in Reserves is in recession, 
(6) Canada –with 171bn barrels in Reserves is in recession, 
(7) Iraq - with 144bn barrels in Reserves is in recession,                                                  (8) Azerbaijan - with 7bn barrels in Reserves is in recession,                                     (9)Algeria 12bn with barrels in Reserves is in recession,                                                (10) Kazakhstan - with 30bn barrels in Reserves is in recession,and                                 (11)Nigeria -with 37bn barrels in Reserves is in recession.                                       
                                                                  Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. Furthermore, a recession is a significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP); 

However, Economic Depression is worst than economic recession: Depression is commonly defined as a more severe version of a recession whereby there is high rate of poverty, unemployment, and inflation etc.  

May God bless Nigeria!

Popular posts from this blog

ISRAEL V. PALESTINE :THE HYPOCRISY OF TWO STATES SOLUTION

ISRAEL V. PALESTINE :THE HYPOCRISY OF TWO STATES SOLUTION                             By:                 Nurudeen Dauda                October 19, 2023 nurudeendauda24@yahoo.com nurudeendauda24@gmail.com nurudeendauda.blogspot.com "The hottest place in Hell is reserved for those who remain neutral in times of great moral conflict"-Martin Luther King, Jr. Permit me to add my voice on the ongoing massacre of women, children, and armless civilians in Palestine. In my thought, it is not about who triggers the present massacre of the Palestinians , but it is time to talk about the 76 years of massacre of women, children, and the armless civilians of Palestine by the state of Israel which is being watched helplessly by the entire world. Before 1948, the Jews worldwide lived predominantly outside Palestine.They lived predominantly in easter...
Read more

INDEPENDENT CANDIDACY ON THE WAY

INDEPENDENT CANDIDACY ON THE WAY                                By:                          May 19th, 2023 nurudeendauda24@yahoo.com nurudeendauda24@gmail.com nurudeendauda.blogspot.com Barring any last minute changes a "bill" for the recognition of an independent candidacy will be transmitted to Mr president for his "assent". In my thought, if the "bill" is finally "signed" into law it will largely "checkmate" the "excesses" of "governors" and "moneybags" politicians who often denied "credible" candidates "tickets"in order to pave ways for their "anointed" ones no matter their weaknesses. In our modern day politics, we have had enough cases where "credible", "competent", and "popular" candidates loss primary elections due to lack of "money" or "godfather" or state governor's anointment.  In my thought, allowing independent...
Read more

ZAINAB'S ORDEAL: A CASE OF INSTITUTIONAL WEAKNESSES

ZAINAB'S ORDEAL: A CASE OF INSTITUTIONAL WEAKNESSES                         By              Nurudeen Dauda                May 5, 2019 nurudeendauda24@gmail.com nurudeendauda24@yahoo.com nurudeendauda.blogspot.com To begin with, there is now an alleged "drug cartel" in our airports which specialised in planting drugs on unsuspecting airtravellers. Of the six alleged members of the drug cartel arrested in connection with planting of Tramadol in a bag bearing Zainab Habibu Aliyu's name, three were said to be "clearing agents", two were said to be staff of a"security company" and one a staff of an "airline handling company". In my observation, the arrest of Miss Aliyu in the Kingdom of Saudi Arabia in respect of 2000 packs of "Tramadol" said to be found in a bag bearing her name has nothing , but succeeded in exposing our institutional weaknesses.Heads shoul...
Read more