LAGOS, Nigeria — The collapsed price of oil is putting pressure on oil exporters around the world, from Canada to Kuwait. But perhaps no country is less prepared to survive prices at about $30 a barrel than Nigeria, which until a few years ago relied heavily on petroleum exports for its revenue. While countries like Saudi Arabia and Russia have saved past oil profits for rainy days, Nigeria has no such insulation. What’s worse is that Nigeria is especially dependent on imports of basic goods.
The cracks are starting to show: While the official rate doesn’t reflect it, Nigeria’s currency, the naira, is the world’s worst performing this year.
Read the full article at the New York Times.
