Oil-Rich Nigeria Now Can't Afford to Pay Teachers
- Central bank resists calls to ease currency restrictions
- Growth falls by half, Morgan Stanley says recession possible
A young boy sells sachets of Prextam water from a plastic container as he stands on the roadside near the Swali market in Yenagoa, Nigeria, on Thursday, Jan. 14, 2016.
Photographer: George Osodi/BloombergThis article is for subscribers only.
When Nigerian President Muhammadu Buhari came to power in May vowing to mend the economy, fight terrorism and end corruption, Kola Karim was upbeat. Oil prices had sunk, but Buhari’s arrival made him believe his company still had a chance to prosper in Africa’s biggest crude producer.
Shoreline Group, the third-biggest Nigerian oil and gas producer, decided to forge ahead with a $500 million Eurobond to expand drilling operations. Then prices fell below $50 per barrel last year. The bond sale was suspended.