NEW YORK | ABUJA – Tumbling oil prices have been a gift to some but they’ve blown a huge hole in Nigeria’s balance sheet which some fear may set the once promising African economy into a tail spin.
What could be worse than finding you have a trillion dollar budget gap and an insurgent group that threatens to hit whatever oil wells remain?
Nigeria startled the finance markets by announcing plans to ask the World Bank and the African Development Bank for a $3.5 billion loan.