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LequteMan
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Nigeria- The United States and five European countries have warned that war-torn Libya could go bankrupt if nothing is done to boost the country's revenue.
With global oil prices down, and conflict hitting Libya's production hard, the country could face yet another crisis, MiddleEastEye says.
Global oil prices rallied slightly this week, but have fallen 60 percent in six months.
Voicing alarm at the deteriorating security situation in the oil-rich North African state, Britain, France, Germany, Italy, Spain and the United States, issued a joint statement warning of further troubles ahead if something drastic wasn’t done to plus the growing financial hole.
"We remain deeply concerned about the economic impact of the political and security crisis on Libya's future prosperity," the joint statement said.
"In light of low oil production and prices, Libya faces a budget deficit that has the potential to consume all of its financial assets if the situation does not stabilise." it said.
The same things are happening in Nigeria, although at a lesser degree. The Boko Haram insurgency and oil theft and vandalism are common issues the country faces, and they hamper the amount of crude oil produced daily.
If Libya goes bankrupt, will Nigeria be the next oil rich African nation to follow?
#Nigeria #Libya #Britain #England #France #Germany #Italy #Spain #America #UnitedStates #BokoHaram
With global oil prices down, and conflict hitting Libya's production hard, the country could face yet another crisis, MiddleEastEye says.
Global oil prices rallied slightly this week, but have fallen 60 percent in six months.
Voicing alarm at the deteriorating security situation in the oil-rich North African state, Britain, France, Germany, Italy, Spain and the United States, issued a joint statement warning of further troubles ahead if something drastic wasn’t done to plus the growing financial hole.
"We remain deeply concerned about the economic impact of the political and security crisis on Libya's future prosperity," the joint statement said.
"In light of low oil production and prices, Libya faces a budget deficit that has the potential to consume all of its financial assets if the situation does not stabilise." it said.
The same things are happening in Nigeria, although at a lesser degree. The Boko Haram insurgency and oil theft and vandalism are common issues the country faces, and they hamper the amount of crude oil produced daily.
If Libya goes bankrupt, will Nigeria be the next oil rich African nation to follow?
#Nigeria #Libya #Britain #England #France #Germany #Italy #Spain #America #UnitedStates #BokoHaram
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