“Africa’s biggest oil producer is in trouble. Oil accounts for roughly 75% of Nigeria’s government revenue, and almost 90% of the country’s exports,” reports CNN Money. “The plunge in oil prices has left the government unable to pay its bills. Local media reported that in some regions, state employees haven’t received salaries in months. The country is suffering from power cuts and fuel shortages.”
As the 12th-largest oil producer in the world and eighth-largest exporter, Nigeria is home to the world’s 10th-largest proven crude reserves with oil driving 40% of GDP and 80% of government receipts.
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