Falling Oil Prices Are Putting Pressure On African Exporter Budgets Across The Continent. But The Real Strain Is Showing In Nigeria's Heavy Dependence On Crude Revenue.

Source: International Business Times

A photo taken on February 23, 2018 shows the Egina FPSO berthed in Lagos harbour, Nigeria. The Egina FPSO (Floating Production Storage and Offloading) unit is the largest FPSO ever installed in Nigeria and has the capacity to produce up to 200 000 barrels of oil per day. Falling oil price expectations are renewing pressure on African crude exporters, threatening government budgets that depend heavily on energy revenue just as debt costs, currency weakness and public spending demands remain elevated.