Oil is cheaper than ever – what will become of Nigeria and Angola?
Nigeria earns almost 90% of its revenue through oil sales.
Oil accounts for a third of Angola’s GDP and 90% of its exports.
Many other African countries are also over-reliant on oil.
The Money Show’s Bruce Whitfield interviewed Neville Mandimika, Africa Strategist at Rand Merchant Bank.
Oil exporting countries are bleeding… They were budgeting for oil at $50 a barrel… Oil importing countries such as Kenya are smiling…Neville Mandimika, Africa Strategist - Rand Merchant Bank
Oil importing countries, their currencies are showing some stability…Neville Mandimika, Africa Strategist - Rand Merchant Bank
Ghana is producing oil as well…Neville Mandimika, Africa Strategist - Rand Merchant Bank
Some economies such as Ghana and Kenya will probably registering some growth…Neville Mandimika, Africa Strategist - Rand Merchant Bank
For more detail, listen to the interview in the audio below.
This article first appeared on CapeTalk : Oil is cheaper than ever – what will become of Nigeria and Angola?
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