*The supply of COVID-19 Vaccines has continued to reduce the impact of the Omicron variant on oil demand, and the effect of Iran nuclear deal is expected to boost Nigeria’s oil supply to the global market, says Bismarck Rewane, Managing Director/CEO of Financial Derivatives Company

Isola Moses | ConsumerConnect

Despite the damaging effects of the Coronavirus (COVID-19) on the global economy, Mr. Bismarck Rewane, a financial expert and Managing Director/Chief Executive Officer (CEO) of Financial Derivatives Company Limited, has projected the Nigerian economy will continue to recover as long oil prices in the international market remain higher.

Mr. Rewane  disclosed this Tuesday, February 15, 2022, on the Stanbic IBTC Holdings Plc’s webinar.

He stated the supply of COVID-19 vaccines has continued to reduce the impact of the Omicron variant on oil demand, and the effect of the Iran nuclear deal is expected to push up Nigeria’s oil supply to the global market, report said.

According to Rewane, sustained oil supply concerns have helped to jack up global oil prices above $80 per barrel.

The Nigerian economy will continue to recover as witnessed in the last quarter of 2021, he noted.

The Managing Director/CEO of Financial Derivatives Company also said that the Central Bank of Nigeria (CBN) had continued to step up its intervention programme in the foreign exchange (Forex) market as the country’s gross external reserves continued to decline.

The financial expert, however, disclosed that the naira had continued to witness increased pressure due to excess liquidity.

“The nation’s economy is expected to continue its rebound as witnessed in the last quarter of 2021 while oil prices are likely to remain high as major economies reopen fully and oil demand picks up.

“Furthermore, the advent of COVID-19 vaccines has continued to discount the impact of Omicron on oil demand while the effect of the Iran nuclear deal is expected to push up the nation’s oil supply to the global market.

“This is expected to provide more support to Nigeria’s earnings,” Rewane stated.

Remy Osuagwu, Executive Director, Business and Commercial Clients at Stanbic IBTC Bank, said the bank would continue to partner with the CBN in its various intervention programmes to support Nigerian consumers.