Source: http://www.ereporter.com.ng/index.php/business-news/item/1689-oil-slump-reveals-structural-defects-in-nigerian-economy

The slump in oil prices would not have hit Nigeria so hard if the country had sufficiently diversified its economy and created an industrial base for refining its crude locally.

Oil importers from India to China and Morocco, are benefiting from a fall in oil prices, which is cutting into energy costs and giving a boost to their domestic economies.