China Scoops Up Cheap Nigerian Oil

The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven price is well above $100 per barrel (Fitch puts it at $144 per barrel). Depending on its crude production for 60% of government revenue, Nigeria was confronted with a double whammy of falling oil prices and general economic decline – to the extent that Lagos has applied for some 7 billion in SARS-COV-2-related emergency funds provided by the IMF and the World Bank. Nigeria’s credit…