Africa’s two largest oil producers, Nigeria and Angola, are in - TopicsExpress



          

Africa’s two largest oil producers, Nigeria and Angola, are in worse financial shape now than in 2009, when prices last dropped sharply. A leading Angolan health provider has forecast HIV/AIDS prevention spending will fall by half In November, Nigeria’s central bank devalued the naira in an effort to protect foreign currency reserves. Compared to 2009, Nigeria has far thinner savings ($3 billion compared to $21 billion in the Excess Crude Account) and foreign exchange reserves (covering only 5-6 months imports compared to 16). Angola’s new sovereign wealth fund, launched in 2014 with an endowment of $5 billion, is equivalent to just one month’s import bill and will have little capacity to stave off the effects of reduced oil prices. A new lower national budget is already being prepared. newsecuritybeat.org/2015/01/oil-prices-shake-africas-petro-states/
Posted on: Tue, 27 Jan 2015 04:41:52 +0000

Trending Topics



Recently Viewed Topics




© 2015