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Nigeria’s Finance Minister Ngozi Okonjo-Iweala said declining oil savings have increased risk in the West African nation’s economy, echoing concerns from the central bank Governor.
“We’re a little more vulnerable now than we were in the past,” Okonjo-Iweala, 59, said in a Bloomberg Television interview with Francine Lacqua at the World Economic Forum in Davos today. The Excess Crude Account, used to cushion the economy against volatility, has been “spent down” to about $2.5 billion and needs to be increased this year, she said.
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Source: Bloomberg
“We’re a little more vulnerable now than we were in the past,” Okonjo-Iweala, 59, said in a Bloomberg Television interview with Francine Lacqua at the World Economic Forum in Davos today. The Excess Crude Account, used to cushion the economy against volatility, has been “spent down” to about $2.5 billion and needs to be increased this year, she said.
Click here to read more
Source: Bloomberg