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Bust Or Boom? Oil Prices And Africa

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AFRICANGLOBE - As oil prices dipped below US$50 a barrel in January, Nigeria’s finance minister put a brave face on her country’s revenue crisis. Nigerians, she said, should start thinking of Africa’s largest oil producer as a “non-oil country”.

Oil Prices And African Economies

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AFRICANGLOBE - “The macroeconomic malaise in both Russia and Nigeria as a result of the plunge in oil prices is a clear reminder to the East African economies that while oil and gas will open up new sources of government revenue and foreign exchange inflows, the other sectors of the economy should not be ignored. In any case, it would be prudent to direct the oil and gas revenues to facilitate the growth of manufacturing, services and agricultural sectors.”
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