Earlier on, this year, we were beating our chest with pride. Our economy had been rebased and Nigeria had become the largest economy in Africa and the twenty-sixth in the world. Our GDP had been racing along at over seven per cent for several years, thanks to the price of crude oil which had been rising steadily since 1997 from $22 per barrel to over $110 for the past two years. There was no reason, or so thought our leaders, to expect there would ever be reversal so soon as to have the nation now wondering what to do and how to budget for 2015.

The dwindling crude oil price at the international market from over $100 to about $70 per barrel causing panic in Nigeria may be no threat to the nation’s economy after all. While some economists have expressed the fear that Nigeria may experience recession and double digits inflation, should the trend continues, others said the nation would pull out of the crisis.

The news of the election of the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, as President of the global oil cartel, the Organisation of Petroleum Exporting Countries (OPEC), came unexpectedly, but forcefully, from Vienna, Austria, on Thursday, November 27, this year, amid the increasing tension occasioned in some parts of northern Nigeria by Boko Haram’s bombing activities.

Macaulay Olumese Iyayi Jnr., is a British trained technology professional and is currently, Associate Director for Africa, at 10 Minutes With, a global careers educational content platform for graduates to meet, connect and find career opportunities.

Nigerian business man, Aliko Dangote has emerged as the Forbes Africa Person of the Year 2014. Other finalists of the most coveted award were Thuli Madonsela, South Africa’s Public Protector, Chimamanda Ngozi Adichie, Nigerian author, Arunma Oteh, Director-General of the Securities and Exchange Commission, Nigeria and Donald Kaberuka, President of the African Development Bank.