Another day, another oil producer in trouble.
Nigeria is considering asking the World Bank,
the African Development Bank and other
international organizations for help to plug a hole
in this year's budget created by the collapse in
crude oil prices. The government said it is
looking to borrow as much as $9 billion to fund
its cash-starved economy.
The 75% plunge in crude prices to around $33
per barrel means Nigeria is now losing money
on some of the oil it pumps.
Nigeria is the second major oil producing
country, after Azerbaijan, to admit it might need
emergency financing because of low crude prices.
Africa's largest economy is also the continent's
biggest oil producer. The sector accounts for
about 35% of GDP, 75% of government revenue
and 90% of export earnings.
Nigeria grew by 4% in 2015, and the
International Monetary Fund expects a similar
rate of expansion this year.
But the government has been burning through its
foreign currency reserves, which fell to $28
billion at the end of January from $43 billion
two years ago.
And its budget deficit is growing fast. The
government wants to invest in big infrastructure
projects and make the country less dependent on
oil.
The deficit is now expected to reach 3 trillion
naira ($15 billion) in 2016, up from a previous
estimate of 2.2 trillion.
Nigeria is also suffering from frequent power
cuts and fuel shortages because it doesn't have
enough capacity to refine it own crude.
The finance ministry denied reports that it has
already asked for emergency cash, but said it is
considering a World Bank loan as one way of
funding the deficit.
"The truth is that Nigeria... has indicated an
intention to borrow 1.8 trillion naira principally
for investment in capital projects to stimulate the
economy," Finance Minister Kemi Adeosun said
in a statement.
Nigeria is exploring the option of borrowing from
multilateral organizations such as the World
Bank and AFDB, as well as the Export-Import
Bank of China, because they offer lower rates of
interest than other lenders, she said.
Nigeria is a member of OPEC, and has been
pushing for the Saudi-led oil cartel to cut
production to support prices.
OPEC decided in 2014 to wage a price war with
low cost producers in the U.S. and elsewhere in
a bid to defend market share. Many OPEC
countries are still making money at these prices
but others are losing.
Nigeria's average production costs are estimated
at about $31 a barrel.
www.cnnmoney.mobi/article?url=http%3A%2F%2Fmoney.cnn.com%2Fmobile%2Fjson%2F2016%2F02%2F01%2Finvesting%2Fnigeria-opec-oil.json

The Zoo is finished

I am looking for suitable curses and invocations to lay on these young men who are praying for terrible things for their country. The holy spirit tells me to take it easy.

Anumanu

You didn't place curse when your brother murdered unarmed protesters in SouthEast

[s]

Adminisher:
I am looking for suitable curses and invocations to lay on these young men who are praying for terrible things for their country. The holy spirit tells me to take it easy.

[/s]

yang:
Anumanu

You didn't place curse when your brother murdered unarmed protesters in SouthEast

[s][/s]

rapu di ike mbe na obu anu mpam.

Adminisher:
I am looking for suitable curses and invocations to lay on these young men who are praying for terrible things for their country. The holy spirit tells me to take it easy.

Lol, Zoogeria is not our country. Tell ur bubu to adopt fiscal federalism or continue chasing shadows