Angola is 16th oil producing country in the world while Nigeria is 13th. The borrowed $6b from China in 2015.


Economic crisis: Angolan president sacks finance minister

On September 5, 2016

Angolan President Jose Eduardo dos Santos on Monday sacked his finance minister Armando Manuel, the presidency announced, as the country battles an economic crisis caused by sinking oil prices.

No reason was given for the dismissal of the 44-year-old London-educated minister who has held the post for three years.
He has been replaced by Augusto Archer de Sousa Mangueira, 53, who was chairman of the country’s Capital Markets Commission prior to the new appointment.

The new minister takes over of struggling economy which has slumped mainly due to the steep drop in crude oil prices.

The country’s currency, the kwanza, has lost more than 60 percent of its value against the dollar since the start of last year.

Economic growth in Africa’s leading crude producer, which soared to over 20 percent in 2007, has collapsed to less than two percent.

About 40 percent of the population now lives below the poverty line.

In June, Angola called off talks with the International Monetary Fund (IMF) over a possible loan to ease the current troubles.
Dos Santos also removed the minister of agriculture Afonso Pedro Canga and cabinet chief of staff Edeltrudes Maurício Fernandes Gaspar da Costa.

www.vanguardngr.com/2016/09/economic-crisis-angolan-president-sacks-finance-minister/

Bubu u hear?

...No reason was given for the dismissal of the 44-year-old
London-educated minister who has held the post for three years.
He has been replaced by Augusto Archer de Sousa Mangueira, 53,
who was chairman of the country’s Capital Markets Commission
prior to the new appointment."






Good one.

Bubu, over to you!

Nigerians think we are alone in this oil crisis. Russia went into recession last year. Angola borrowed $6b last year. Such big oil producing countries like Saudi Arabia and Brazil are already showing stress with serious austerity measure and cut in Federal budget. Venezuela is crippled while Azerbaijan is calling for IMF bailout.

People have forgotten that when oil fell to $75, Okonjo-Iweala Iweala said Nigeria should brace up for hard times.
.........



Brace for tougher times ahead, Okonjo-Iweala tells Nigerians

November 14, 2014 
Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.
New York Mercantile Exchange (NYMEX) December WTI oil futures sold at $75.20 per barrel on Wednesday, down $1.98, from $74.96 per barrel the previous day, the lowest level for a most-active contract since September 2010.

www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html

Thank God for Buhari and Kemi Adeosun.

It is very IDIOTIC to sack your finance minister when you have a full blown crisis. The policy mistakes and mismanagement that cause economic crisis are usually during periods of boom.

Unless if this Minister was the Minister on seat when oil was $124 barrels, it is foolish to sack him . We have already sacked the government of Jonathan that caused our own economic crisis.

Adminisher:
It is very IDIOTIC to sack your finance minister when you have a full blown crisis. The policy mistakes and mismanagement that cause economic crisis are usually during periods of boom.

Unless if this Minister was the Minister on seat when oil was $124 barrels, it is foolish to sack him . We have already sacked the government of Jonathan that caused our own economic crisis.

It is idiotic to sack your finance minister during a crisis? Seriously? When then do you sack them? During tranquillity, ease and financial efficiency and prosperity?
This is not your house where you vomit bigoted and tribalistic rubbish for your family members to swallow. There are intelligent people here.

CSTR2:
It is idiotic to sack your finance minister during a crisis? Seriously? When then do you sack them? During tranquillity, ease and financial efficiency and prosperity?
This is not your house where you vomit bigoted and tribalistic rubbish for your family members to swallow. There are intelligent people here.

The mistakes that destroy an economy are made during periods of boom. This is also the time you should watch your policies. The things you need to do to fix a bad economy are almost standard and non dependent on the person. On the other hand an agile economic manager should by able to predict when things are going bad in the next few years and correct things. Even on the personal level, the failure is usually when you have mo ey in your pocket not after the money has disappeared.