Nigeria’s Plan to Avoid Recession
Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo told Bloomberg. The halving of oil prices since last year has forced Nigeria, Africa’s largest producer of crude, to slash its budget and contributed to a weaker currency. Standard & Poor’s downgraded its credit rating, while JPMorgan Chase & Co. removed Nigeria from its local-currency emerging market indexes.
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