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Vol 50 No 2

Published 23rd January 2009


Nigeria

A gathering storm

Plummeting oil prices, rising inflation and a chaotic foreign exchange market challenge the new economic team

Oil Minister Rilwanu Lukman and Finance Minister Mansur Mukhtar are leading Nigeria's management of its worse economic crisis for two decades. The steep fall in world oil prices, from highs of US$145 a barrel in July 2008 to around $40 a barrel now, has battered the economy, which depends on oil receipts for 90% of its foreign exchange earnings.

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