World Economy

Nigeria Economy to Worsen

Nigeria Economy to WorsenNigeria Economy to Worsen

Nigeria’s troubled economy, which is on the brink of a recession, is expected to worsen following the lifting of economic sanctions on Iran by the United States which effectively readmits the country into the international oil trade, NewsNow reported. The reentry of Iran into the international oil trade could also see India, Nigeria’s top buyer of crude (India currently imports 750,000 barrels per day from Nigeria), look towards neighboring Iran for its oil needs, further dipping Nigeria’s revenue stream. India buys about a third of Nigeria’s daily production while the US currently buys none.