Falling Oil Prices Fuel Anxiety in Nigeria

The Nigerian government has admitted that falling global oil prices have fuelled anxiety in the country’s economy, declaring that it will totally back any measures that could ameliorate the situation. Nigeria’s Petroleum minister Odein Ajumogobia made this announcement as several Organisation of Petroleum Exporting Countries (OPEC) including Iraq and Nigeria, were forced review their annual budget plans because of the plummeting oil prices, which last Thursday sank to a 14-month low of $72 a barrel. [PE]