NIGERIA Nigeria gambling market could be hit by drop in global crude oil price 4 years ago Iwo Bulski Post Views: 1,009 Africa’s largest economy braces for the big hit as oil prices plummet. On the 12th of March 2020, the Nigerian dollar bonds sank to record lows stocks a four year low, as fears grow over the devaluation of the naira currency. With oil prices plunging amid concerns over price war between Russia and Saudi Arabia, and the coronavirus outbreak obliterating stock markets, Africa’s largest economy is in a precarious position. Perhaps the local news agency reported that Nigerian stocks headed for their fifth straight day of losses to a new four year low. In which due to the fall of oil prices to just over $30 per barrel, rising external debt and a depreciating currency pose a threat to economic stability in the country of more than 190 million people. The West African nation is Africa’s largest economy in terms of GDP (gross domestic product). The markedly lower oil prices will undoubtedly have a broad adverse consequence for the Nigerian economy and overall business model in the country as 60% of its budget is financed through crude oil. How could it affect the gambling industry? The economic situation of a country has a significant influence on gambling activities in a country, despite the 2014-15 oil price crash that took hold which plunged the country into recession in 2016 Nigeria has never fully recovered. The Naira is still a classic petrocurrency whose faith remains inartistically tied to global oil prices. However, as it stands now the Nigeria reserve stands at $38 billion a drop to $30 billion could see the devaluation of its currency. As a result of this would lead to increase in cost of living, in which. The hardship will continue to dwindle on the ordinary people. Perhaps the importation cost for raw materials and other soft and hard commodities that will pay for using FX will affect raw inputs for manufacturers. Therefore it will become more expenses and the ultimate losers will be everyday consumers who will see further erosion in their purchasing power. However, if such a situation occurred, all sectors of business will be affected. Perhaps these will have a significant consequence on punters attitude towards gambling as we are going to see a lot of small players in terms of the amount that will punters staked on gambling. At the same time, it will result in a sharp dramatic decline in gambling revenue in the country. Which estimated that over 25$ millions are spent on gambling every day in the country this will harm gambling operators, and we could begin to see downsize of workers in the industry. In contrast, some operators could close down their activities due to the shortage of revenue. Article by Adeleye Awakan to know more about the African gambling industry, Consultant, please feel free to contact me on any of this channels: Email: [email protected] Linkedin: AdeleyeAwakan, Twitter: @AdeleyeAwakan, Instagram: adeleyeawakan About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: gambling, Hot Fun, Nigeria, oil Continue Reading Previous Nigeria is getting its first-ever bitcoin ATMNext Nigeria – shop owners laments-due to COVID-19 More Stories BETTING NIGERIA The innovative Melbetapk.com betting app 1 day ago Szarlot EXPERTS NIGERIA Naira maintains stability in crypto market as Nigerians digest Binance $4.3 billion settlement 6 days ago Samuel EXPERTS NIGERIA Uncategorized Lagos Gambling Regulator LSLGA Issues Ban On Unlicensed Gambling Sites 6 days ago Samuel EXPERTS NIGERIA Nigeria: 15 Years After, Supreme Court Hears Lottery Regulation Dispute March 13 7 days ago Szarlot EXPERTS NIGERIA How Lanre Gbajabiamila is Transforming the Lottery Industry 1 week ago Samuel BETTING NIGERIA 7 Companies Owned By Nigerian Gambling Magnate, Kessington Adebutu 1 week ago Szarlot BETTING NIGERIA Nigerians resort to gambling 1 week ago Samuel EXPERTS NIGERIA Oyo govt cautions gamblers on its risks 2 weeks ago Szarlot BETTING NIGERIA Sports Law And Practice In Nigeria 2 weeks ago Szarlot BETTING NIGERIA What Is the AFCON Format? 2 weeks ago Szarlot CASINO NIGERIA How Casinos Are Different In Various Countries? 2 weeks ago Samuel BETTING NIGERIA Afreko Media’s game-changing move 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.