Oil prices suffered a historic collapse late Sunday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

US oil prices crashed as much as 27% to a four-year low of $30 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.

In Nigeria, there have been concerns that the ensuing oil crisis could worsen the state of the economy if the federal government does not handle the aftermath of the global challenge with a sense of urgency and responsibility.