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Prices of basic necessities including drugs, food, automobiles, spare parts and raw materials for industries have continued to rise with attendant negative effects on the purchasing power of the citizens. The Brent crude is currently trading at $75.62 per barrel, a feat experts said should bring succour to Nigeria’s economy. They believe that the naira would continue to suffer until Nigeria becomes self-reliant and net exporter and radically resuscitates the oil sector for the refineries to work efficiently. According to them, the increase in oil prices had not directly translated to improve income for the ordinary people even as importers have to cough out a lot of naira to get the dollar and other foreign currencies in order to import goods.

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