Business report: Nigeria

February 24, 2016 04:23 PM
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Nigeria is a special case because it is Africa’s largest crude producer and the continent’s largest economy. The naira and stock market have been hit hard by the rapid decline in oil. This leads to a capital flight and curbed output. When a situation like this occurs, you should be able to fall back on currency reserves, but unfortunately Nigeria did not save in the oil boom years. Jill Malandrino has the details.