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| Africa Subsaharan |
| Nigerian president blames economic problems on oil reliance |
| 2016-03-06 |
| [Iran Press TV] Nigeria’s President Muhammadu Buhari says faulty economic policies and overdependence on oil revenues are the main causes of the country’s economic problems. Nigeria only has itself to blame for its current economic troubles, Buhari said in an interview broadcast on Saturday, AFP reported. He also took to task previous governments for causing the country’s overreliance on crude revenues. Buhari’s remarks came as Nigeria, which is Africa's biggest oil producer and the most powerful economy, has been struggling with problems caused by global oil price slump for more than a year. The drastic fall in oil prices since June last year has sharply slashed most of the Nigerian government’s revenues. Last Thursday, Nigeria’s junior oil minister stated that some oil-producing countries, including Russia, were supposed to meet in Moscow on March 20 to discuss a way out of the current oil price slump. Asked about the impact of policies adopted by Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... , as the world's biggest crude oil supplier, and the Organization of the Petroleum Exporting Countries (OPEC) on smaller oil producers, Buhari told al-Jazeera English that to get out of the current dire situation, all member states of OPEC had to "act together to save the situation." |
| Posted by:Fred |
| #1 How about "Riches attract Graft". A ton of parasites can suck the life out of any economy. Just ask Mexico. |
| Posted by: Procopius2k 2016-03-06 08:14 |