IBTimes: Amid Low Oil Prices, Nigeria Requests $3.5B From World Bank As Africa's Largest Economy Struggles
Nigerian President Muhammadu Buhari has requested $3.5 billion in emergency loans amid continuing low oil prices, the Financial Times reported Sunday. The oil exporter is the largest economy in Africa, and a worldwide oil glut has caused worsening financial problems throughout the nation.
"I think we all agree that Nigeria is facing significant external and fiscal accounts challenges from the sharp fall in ... oil prices, as of course are all oil exporters,” the International Monetary Fund's representative in Nigeria told the Financial Times Sunday, adding they were not yet considering emergency loans.
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WNU Editor: This emergency loan is not going to solve Nigeria's current economic troubles. The "rot" in Nigeria is far deeper than that .... Nigeria may lose 37% of GDP to corruption (Punch).
More News On Nigeria Requesting $3.5B In Emergency Loans From The World Bank
Nigeria in Talks to Borrow $3.5 Billion as Oil Saps Budget -- Bloomberg
Africa's largest economy needs a $3.5 billion emergency loan after getting hammered by the oil crash -- Business Insider
Nigeria asks for $3.5bn emergency loans -- Financial Times
Nigeria in 'exploratory talks' with World Bank, not asking for emergency loans-minister -- Reuters
"Time To Panic"? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up -- Zero Hedge
1 comment:
Those all those e mails I've gotten from Dr. so and so and Vice President so and so of Nigeria were true!
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