10 radical steps Nigeria may have to take as coronavirus could lead to oil prices crashing to as low as $25 a barrel this week

By Ayo Akinfe

(1) Ban the import of everything but essential items
(2) Stop exporting crude oil as production costs may soon exceed world prices
(3) End the federal allocation formula as there will be no money to share anyway
(4) Ask every company affected by coronavirus to come an open shop in Nigeria as so far we have not had one fatality
(5) Pass a law directing that every barrel of oil produced in Nigeria must be sent straight to a local refinery
(6) Step up the production of petroleum by-products like urea, petrochemicals, plastics, synthetic goods, etc
(7) Enter into targeted bilateral swap deals under which petroleum is exchanged for foreign direct investment
(8) Go all out to boost agro-processing with the aim of getting it to match oil income over the next two years
(9) Make it clear to governors that they have two years within which to generate their own funding costs
(10) Strike a deal with Saudi Arabia under which we will reduce crude oil output in exchange for investment in our infrastructure