NIGERIA PROTESTS OIL PRICE INCREASE

Paradoxical but true.
With the Gulf of Tonkin—
Sorry, Straits of Hormuz—closed,
oil prices skyrocketed.

As oil prices skyrocketed,
Nigeria’s oil revenues declined.
Why?
The Nigerian economy is different.
Demand and supply don’t
operate in Nigeria.

In Nigeria,
when demand goes up,
prices fall, and
when demand goes down,
prices rise.

Nigerians are praying and fasting
for the Ayatollah of Iran to
reopen the Strait of Hormuz,
because increased oil supplies
shall increase the price of Nigeria’s oil.

This is a classic example of voodoo economics!

Nigeria’s Federation Oil Earnings Slump Despite High Price
https://punchng.com/federation-oil-earnings-slump-by-n78-7bn-despite-rising-prices/

https://africastallestman.com/2019/10/04/praying-not-good-for-the-economy/