"It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) - Politics

"It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) - Politics - Nairaland

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"It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 8:38pm On Mar 18, 2015

Oil price slump is choking this OPEC economy
March 18

Nigeria's currency is trading at a record low against the U.S. dollar, the stock market has slumped 15% this year --making it the worst performer in Africa -- and financial reserves are being depleted.

"It's going to be a very difficult year," Nigeria's Finance Minister Ngozi Okonjo-Iweala told CNN. "We've had a more than 50% fall in the price of oil and that has naturally impacted the economy."

Nigeria is currently pumping about 1.8 million barrels of crude oil per day, making it OPEC's 7th biggest producer --alongside Angola.

It relies on oil for 70% of its income, and needs a price of nearly $120 a barrel to balance its budget, according to Deutsche Bank.

The slump has taken world prices below $43 a barrel, their lowest level in six years, and that has placed the economy under severe strain.

It is a crisis that is affecting rich and poor. Nigerian billionaire Aliko Dangote, the richest man in Africa, has lost over half of his $25 billion wealth in the crisis, according to Bloomberg. Much of that has been wiped out by the falling currency and the stock market crash.

However much pain Nigeria is feeling, it's not the worst performing oil exporter.

The Russian economy is set to shrink by 5% this year, with international sanctions exacerbating the impact of the oil price collapse, and Venezuelan GDP could fall by 7%.

Still, the IMF has slashed its 2015 growth forecast for Nigeria to 4.8%, from 7.3% last October. And the government is having to cut spending in many areas.

"Nigeria is actually still growing and still one of the 20 fastest growing economies in the world," says Okonjo-Iweala. ""We've had to cut back on some investments but to support growth, we've taken the little we have and focused on high priority, high impact investments - mostly in infrastructure and health."

Nigeria faces another a more immediate problem.

It is set to hold one of the closest elections in its history. Political uncertainty and the threat of instability, and even violence, during and after voting has meant many investors and businesses have adopted a "wait and see" approach.

The elections have already been postponed by six weeks after the military announced they could not guarantee security on voting day due to a new military offensive against Islamist terror group Boko Haram.

By Christian Purefoy March 18, 2015 08:43AM EDT

http://money.cnn.com/2015/03/18/news/economy/nigeria-oil-finance-minister/index.html

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by BeeBeeOoh(m): 8:39pm On Mar 18, 2015

YES! For the poor masses, not for your likes..

127 Likes 2 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by 0nyegame(m): 8:42pm On Mar 18, 2015

Madam Ngoo,u're the major person that is killing the economy of dis country,very corrupt and selfish human being.in a country where the poor is getting poorer while the rich is getting richer.

168 Likes 2 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 8:47pm On Mar 18, 2015

frontpage sure

1 Like

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 8:48pm On Mar 18, 2015

Why is it not difficult for the President to get the dollars he's using to buy allegiance across the country? We don't care anymore. Another government will restore the glory of the land.

187 Likes 5 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by pafra(m): 9:03pm On Mar 18, 2015

it's going to be a difficult year for Nigerians but as citizen of heaven I will be exempted. it will be the best year I have ever experienced. hit like to be exempted.

Isaac sow in the year of famine and in the same year reap a hundred fold.

574 Likes 16 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by missbehave247(m): 9:08pm On Mar 18, 2015

Ma, I am not aware

4 Likes 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by yuzjet(m): 9:08pm On Mar 18, 2015

Hmmmmm.

Which year can be more difficult than the past ones? huh

22 Likes 3 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:08pm On Mar 18, 2015

Issalrite

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by IamOpemipo(m): 9:08pm On Mar 18, 2015

1 Like

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by efilefun(m): 9:09pm On Mar 18, 2015

It might be difficult now but when the people's general resumes office by the special grace of God and with the intelligence around the people's general things will be a lot easier.

93 Likes 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Soreza(m): 9:09pm On Mar 18, 2015

Madam it has already been difficult years for a while now

27 Likes 2 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:09pm On Mar 18, 2015

Nothing consern me,make i check western union exchange rate.
Some said the motorists and the people selling gala see hold up from different angle

13 Likes

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Dee60: 9:09pm On Mar 18, 2015

Thank you. You have done well, madam! Time to go! Take a break with Mama Peace! You both have tried enough.

28 Likes

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by manyr4luv: 9:10pm On Mar 18, 2015

lol

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by VickyRotex(f): 9:10pm On Mar 18, 2015

[Motaka oshi danu!!!

Dint bother reading it sef undecided

3 Likes 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Nobody: 9:10pm On Mar 18, 2015

So difficult rent will hit 150%

2 Likes 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by bewla(m): 9:10pm On Mar 18, 2015

mama chop money noting do u

1 Like 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by alaoeri: 9:10pm On Mar 18, 2015

Madam voodoo economist before nko? as if things are better. undecided

29 Likes 2 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Rahmatuparker: 9:10pm On Mar 18, 2015

There is God ooooo. We shall overcome it, in shaa Allah.

17 Likes 2 Shares

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by cycline404(m): 9:11pm On Mar 18, 2015

Na Wa.
I give up i no even no wat to say

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Adyrin(m): 9:11pm On Mar 18, 2015

We all have seen it...

But when men say there's a casting down; we say "there's a lifting up"!!!

God all d way!

23 Likes 1 Share

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by Onozboy(m): 9:11pm On Mar 18, 2015

Ok....staying in nigeria is not even easy

no light
bad roads
etc

17 Likes

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by eljidy(m): 9:11pm On Mar 18, 2015*

hmmm....God save the economy of Nigeria. I think by now the economy of Nigeria ought to have been diversified fully. When are we going to learn that oil can not longer survive Nigeria economy in the nearest future despites all emergency(danger) signals coming from oil sector . By now, our reliance on revenue coming from oil ought to have been cut down to 35% or less. Lets diversify the economy and stop this mono economy of a thing even if this means going back to agriculture fully and some other things. I personally think little is being done in the agricultural sector, I went to a LGA recently and saw series of tractors that have not been put in use for sometimes now and some other government properties.

3 Likes

Re: "It's Going To Be A Very Difficult Year," Ngozi Okonji Iweala (CNN) by lillaowow(m): 9:11pm On Mar 18, 2015

This woman is nuts!!!..

No be she dey give us stupid figures some Months ago claiming all is well and we don't have a problem
Her oga went on a spending spree in Lagos dolling out dollars to every Tomiwa, Dike and Haruna that shouts "GEJ till 2019"

May thunder fire their them all

Sai GMB

59 Likes 1 Share