Other than Nigeria’s plummeting finances, oil companies in the country's oil and gas sector, as is the case with oil producers worldwide, have been forced to scale down on investments, slash their budgets and lay off staff as plunging oil prices takes a toll on crude oil exporting countries and industry operators.
Brent sold at $45.54 Tuesday afternoon, down 20 cents but still some way from its 2015 low of $45.19, while US crude futures hit an intraday low of $41.43 - close to their lowest since early 2009 - before picking up when they traded at yesterday's close price of $41.87 a barrel.
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