The Nigerian economy has long been tied to the fortunes of oil. With crude oil revenue accounting for more than 70% of export earnings, it remains the backbone of government revenue and a key driver of foreign reserves. Oil windfalls have historically shielded Nigeria from external shocks.
During the 2008 global financial crisis, for example, strong reserves and a surplus trade balance helped stabilise the naira and sustain imports despite falling oil prices. The preceding oil boom years provided a platform to build buffers that shielded the e
