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Africa

Oil is cheaper than ever – what will become of Nigeria and Angola?

21 April 2020 8:05 PM
Tags:
Kenya
Nigeria
Oil
Africa
Angola
Ghana
South Africa
Oil producing countries
Rand Merchant Bank
rmb
cheap oil
Neville Mandimika
oil revenues

Oil exporting countries are bleeding, says Neville Mandimika, Africa Strategist at Rand Merchant Bank.

Nigeria earns almost 90% of its revenue through oil sales.

Oil accounts for a third of Angola’s GDP and 90% of its exports.

Many other African countries are also over-reliant on oil.

Lagos, Nigeria (Image credit: https://www.flickr.com/photos/126887487@N04/)

The Money Show’s Bruce Whitfield interviewed Neville Mandimika, Africa Strategist at Rand Merchant Bank.

Oil exporting countries are bleeding… They were budgeting for oil at $50 a barrel… Oil importing countries such as Kenya are smiling…

Neville Mandimika, Africa Strategist - Rand Merchant Bank

Oil importing countries, their currencies are showing some stability…

Neville Mandimika, Africa Strategist - Rand Merchant Bank

Ghana is producing oil as well…

Neville Mandimika, Africa Strategist - Rand Merchant Bank

Some economies such as Ghana and Kenya will probably registering some growth…

Neville Mandimika, Africa Strategist - Rand Merchant Bank

For more detail, listen to the interview in the audio below.


21 April 2020 8:05 PM
Tags:
Kenya
Nigeria
Oil
Africa
Angola
Ghana
South Africa
Oil producing countries
Rand Merchant Bank
rmb
cheap oil
Neville Mandimika
oil revenues

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