In March of 2008 the Nigerian Stock Exchange (NSE) index was over 660 points, today it is trading at around 250. This remarkable turnaround can be attributed to the dramatic rise and then fall of oil prices around the globe. The price of a barrel of crude oil has gone from over $150 dollars to $35, and as around 20% of Nigeria’s GDP is dependent on the country’s oil sector, it is clear that this drop in revenue has had a debilitating effect.

However, it is not just the drop in the price of crude oil that is responsible for Nigeria’s stock market fall. The world economic slowdown and demands for liquidity abroad has seen many foreign investors pull their money out of Nigeria, and it is argued that this has compounded the situation on the NSE. CNN reports