Nigeria and oil dependency – and the risks to its economy and social cohesion following the crash in oil prices

May 22, 2020 | Uncategorized

Nigeria and oil dependency – and the risks to its economy and social cohesion following the crash in oil prices

Oral Questions: House of Lords May 21st 2020

Nigeria oil
Lord Alton of Liverpool (CB)

My Lords, as Nigeria, Africa’s biggest country, seeks $7 billion of emergency funding from the IMF to offset the crash in oil prices—from which Nigeria receives 70% of its revenue—what assessment have we made of the effects of the crash on the economy and social cohesion of Nigeria and of how we might use some of the £800,000 which the UK gives Nigeria every day in overseas aid to help it address the deep-seated structural problems and reliance on oil exposed by Covid-19?

Lord Callanan

The noble Lord makes an extremely good and valid point. The Foreign Office and the Department for International Development will be closely monitoring the situation. We have a close affinity with people in Nigeria and we will do all that we can to help them; he will be aware of our very large aid budget in that country.

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