Wednesday, July 15, 2015

Iran's Gain May Be Nigeria's Loss

The nuclear deal with Iran announced Tuesday might be a political win for U.S. President Barack Obama, but it could be a major loss for oil-producing Nigeria. The towers of banks and conglomerates punctuate the skyline of Nigeria’s commercial hub, Lagos. But make no mistake: it is oil that keeps Africa’s largest economy running. Sales of crude make up about 70 percent of government revenue. Last year’s global drop in the price of oil delivered a blow to Nigeria’s economy. Soon after...

via Economy - Voice of America

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