OIL industry-related activity may only account for 10% of Nigerian gross domestic product, according to Bloomberg, but the country remains almost wholly dependent on crude oil and gas exports for government spending.
This is acceptable when oil prices are high but catastrophic when they plummet. Falling revenues and rising interest rates threaten to increase public debt, while a growing number of import bans is squeezing the capacity of even the leanest players to finance trade and investment.
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