Home Business Kenya and Nigeria Show Oil Can Be Boon as Well as Curse

Kenya and Nigeria Show Oil Can Be Boon as Well as Curse

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Kenya, East Africa’s biggest economy and a net oil importer, is benefiting from low crude prices.

Foreign reserves have risen about 10 percent in the past year to a record $7.6 billion as the import bill shrank and the central bank bought dollars to prevent the shilling from strengthening.

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In Nigeria, the continent’s biggest oil producer, reserves have crashed 27 percent since mid-2014 to $27.3 billion, the lowest level in more than a decade, as oil revenue dwindled.

Bloomberg

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