With the nation still reeling under the shock of its depressed oil and economic fortunes, Nigeria’s chairman of the Senate committee on rules and business, Babajide Omoworare has made the shocking disclosure that oil prices may even drop further to as low as 18$/barrel.
He said this is a result of investigation and on-going trends in oil market.
He said as the chairman senate committee on rules he is however aware there are many motions meant to checkmate the current over-dependence on oil.
He said there are also speculations that oil price may become ridiculous to the extent that revenues from oil may amount to nothing.
He said this at a program organized for Small and medium scale enterprises by the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN .
The senator who was a facilitator at the event opined that agriculture is a free gift for Nigeria and very soon will be the mainstay of the economy.
He also revealed that the senate has a motion in the works to ensure that entrepreneurs also access funds easily.
The training for entrepreneurs who focus on Agriculture was held at De Treasure Hotel, Ile-Ife on 15th January 2016
Omoworare who was flanked by the local government chairmen in the Osun East district accused the foreign countries of failing to promote the importation of Nigerian agricultural produce into their countries.
He said: “the current oil price is no doubt low at 30$/barrel and it may fall even further to below 18$/barrel which is most worrisome. However, the way our farm produce are treated by foreign countries is a source of worry but we still have to empower our farmers. The Senate is in this wise speaking with the Bank of Industry to give out loans and support to entrepreneurs with a focus on agriculture. From our checks, the Bank of Industry is better than commercial banks when it comes to giving out funds to retail businesses and farmers “