"It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) - Politics - Nairaland
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| "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by tbaba1234: 8:38pm On Mar 18, 2015 |
Oil price slump is choking this OPEC economy March 18 Nigeria's currency is trading at a record low against the U.S. dollar, the stock market has slumped 15% this year --making it the worst performer in Africa -- and financial reserves are being depleted. "It's going to be a very difficult year," Nigeria's Finance Minister Ngozi Okonjo-Iweala told CNN. "We've had a more than 50% fall in the price of oil and that has naturally impacted the economy." Nigeria is currently pumping about 1.8 million barrels of crude oil per day, making it OPEC's 7th biggest producer --alongside Angola. It relies on oil for 70% of its income, and needs a price of nearly $120 a barrel to balance its budget, according to Deutsche Bank. The slump has taken world prices below $43 a barrel, their lowest level in six years, and that has placed the economy under severe strain. It is a crisis that is affecting rich and poor. Nigerian billionaire Aliko Dangote, the richest man in Africa, has lost over half of his $25 billion wealth in the crisis, according to Bloomberg. Much of that has been wiped out by the falling currency and the stock market crash. However much pain Nigeria is feeling, it's not the worst performing oil exporter. The Russian economy is set to shrink by 5% this year, with international sanctions exacerbating the impact of the oil price collapse, and Venezuelan GDP could fall by 7%. Still, the IMF has slashed its 2015 growth forecast for Nigeria to 4.8%, from 7.3% last October. And the government is having to cut spending in many areas. "Nigeria is actually still growing and still one of the 20 fastest growing economies in the world," says Okonjo-Iweala. ""We've had to cut back on some investments but to support growth, we've taken the little we have and focused on high priority, high impact investments - mostly in infrastructure and health." Nigeria faces another a more immediate problem. It is set to hold one of the closest elections in its history. Political uncertainty and the threat of instability, and even violence, during and after voting has meant many investors and businesses have adopted a "wait and see" approach. The elections have already been postponed by six weeks after the military announced they could not guarantee security on voting day due to a new military offensive against Islamist terror group Boko Haram. By Christian Purefoy March 18, 2015 08:43AM EDT http://money.cnn.com/2015/03/18/news/economy/nigeria-oil-finance-minister/index.html |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by BeeBeeOoh(m): 8:39pm On Mar 18, 2015 |
YES! For the poor masses, not for your likes.. 127 Likes 2 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by 0nyegame(m): 8:42pm On Mar 18, 2015 |
Madam Ngoo,u're the major person that is killing the economy of dis country,very corrupt and selfish human being.in a country where the poor is getting poorer while the rich is getting richer. 168 Likes 2 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 8:47pm On Mar 18, 2015 |
frontpage sure 1 Like |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 8:48pm On Mar 18, 2015 |
Why is it not difficult for the President to get the dollars he's using to buy allegiance across the country? We don't care anymore. Another government will restore the glory of the land. 187 Likes 5 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by pafra(m): 9:03pm On Mar 18, 2015 |
it's going to be a difficult year for Nigerians but as citizen of heaven I will be exempted. it will be the best year I have ever experienced. hit like to be exempted. Isaac sow in the year of famine and in the same year reap a hundred fold. 574 Likes 17 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by missbehave247(m): 9:08pm On Mar 18, 2015 |
Ma, I am not aware 4 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by yuzjet(m): 9:08pm On Mar 18, 2015 |
Hmmmmm. Which year can be more difficult than the past ones?  22 Likes 3 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:08pm On Mar 18, 2015 |
Issalrite |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by IamOpemipo(m): 9:08pm On Mar 18, 2015 |
. 1 Like |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by efilefun(m): 9:09pm On Mar 18, 2015 |
It might be difficult now but when the people's general resumes office by the special grace of God and with the intelligence around the people's general things will be a lot easier. 93 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Soreza(m): 9:09pm On Mar 18, 2015 |
Madam it has already been difficult years for a while now 27 Likes 2 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:09pm On Mar 18, 2015 |
Nothing consern me,make i check western union exchange rate. Some said the motorists and the people selling gala see hold up from different angle 13 Likes |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Dee60: 9:09pm On Mar 18, 2015 |
Thank you. You have done well, madam! Time to go! Take a break with Mama Peace! You both have tried enough. 28 Likes |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by manyr4luv: 9:10pm On Mar 18, 2015 |
lol |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by VickyRotex(f): 9:10pm On Mar 18, 2015 |
[Motaka oshi danu!!! Dint bother reading it sef   3 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:10pm On Mar 18, 2015 |
So difficult rent will hit 150% 2 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by bewla(m): 9:10pm On Mar 18, 2015 |
mama chop money noting do u 1 Like 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by alaoeri: 9:10pm On Mar 18, 2015 |
Madam voodoo economist before nko? as if things are better. 29 Likes 2 Shares
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| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Rahmatuparker: 9:10pm On Mar 18, 2015 |
There is God ooooo. We shall overcome it, in shaa Allah. 17 Likes 2 Shares |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by cycline404(m): 9:11pm On Mar 18, 2015 |
Na Wa. I give up i no even no wat to say |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Adyrin(m): 9:11pm On Mar 18, 2015 |
We all have seen it... But when men say there's a casting down; we say "there's a lifting up"!!! God all d way! 23 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Onozboy(m): 9:11pm On Mar 18, 2015 |
Ok....staying in nigeria is not even easy no light bad roads etc 17 Likes |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by eljidy(m): 9:11pm On Mar 18, 2015 |
hmmm....God save the economy of Nigeria. I think by now the economy of Nigeria ought to have been diversified fully. When are we going to learn that oil can not longer survive Nigeria economy in the nearest future despites all emergency(danger) signals coming from oil sector . By now, our reliance on revenue coming from oil ought to have been cut down to 35% or less. Lets diversify the economy and stop this mono economy of a thing even if this means going back to agriculture fully and some other things. I personally think little is being done in the agricultural sector, I went to a LGA recently and saw series of tractors that have not been put in use for sometimes now and some other government properties. 3 Likes |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by lillaowow(m): 9:11pm On Mar 18, 2015 |
This woman is nuts!!!.. No be she dey give us stupid figures some Months ago claiming all is well and we don't have a problem Her oga went on a spending spree in Lagos dolling out dollars to every Tomiwa, Dike and Haruna that shouts "GEJ till 2019" May thunder fire their them all Sai GMB 59 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by BizBloke(m): 9:12pm On Mar 18, 2015 |
Which way, Naija? 2 Likes 1 Share |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:12pm On Mar 18, 2015 |
Dem die well |
| Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by ify84(m): 9:12pm On Mar 18, 2015 |
Na dem sabi.... When oil boom, I no see d effect ... Now, oil doom, it won't still affect me..... 29 Likes 2 Shares |
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