Nigeria stares into the abyss of a life without oil cash
INTERNATIONAL – Africa’s most populous nation is getting almost nothing from its massive oil wealth.
While headline Brent-crude futures have rallied sharply in the past few weeks — rising above $30 a barrel on Tuesday — a glut of Nigerian oil is fetching about $10 less than that. It’s a level that means fiscal revenue for the continent’s biggest economy has cratered.
“It’s now dawned on everyone across the country how severe this threat is,” said Andrew Nevin, a partner and chief economist for Nigeria at PricewaterhouseCoopers LLP.
Source: iol.co.za