The Nigerian oil industry currently is in an utter state of disrepair. With CNB Forex controls damaging the country’s biggest industry, foreign trade of resources has had a knock on effect on the economy which has fallen into recession conditions. Traditionally an enabling bill would be passed allowing the industry extra freedoms which in turn would let them trade under adverse conditions. Other countries have put many of these bills in place but the reluctance of Nigerian Banks to do this may have cost the country $200 billion.
“There is need for President Muhammad Buhari to take the lead by investing his presidential capital on this all-important legislation, putting in place a mechanism for rallying the stakeholders to a consensus, and using this law as one of the pillars of the bridge to a much needed economic recovery.”
The lost money could have helped expand foreign reserves held by the bank or aided the ever increasing unemployment rebate. However the use of Bitcoin has been highlighted as providing an ideal platform for the petroleum industry to trade freely without Forex restrictions. Even though the need for the enabling bill will be made void, the government will benefit hugely from the boom in revenue create by the industry.
To conclude the Nigeria oil industry has been suffering for well over a year but the banks restriction have cost the industry considerably more than it would have if Forex controls were implemented correctly. With oil the major GDP contributor for Nigeria this has worsened recession conditions throughout the country the central National bank remains inactive as usual. You too can take advantage of Bitcoin platform via the NairaEX exchange which sells Bitcoin at market premium rates.