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Sovereign Wealth Funds Briefing - Categorized | Financials

Nigeria oil savings more than double, risks remain

Posted on 04 December 2012

Cost-cutting has helped restore Nigeria’s Excess Crude Account (ECA) to some $9 billion in oil savings, or more than double what it was a year ago, Finance Minister Ngozi Okonjo-Iweala said on Monday.
Okonjo-Iweala was addressing delegates in Abuja at the annual Nigerian Economic Summit, whose themes include reducing the high cost of governance in Africa’s top oil producer. Nigeria is Africa’s second biggest economy and its sovereign debt is closely watched by foreign investors, especially since JP Morgan included it in its emerging market index in October………………………………………..Full Article: Source


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