The International Business Times quotes Africa Center Director J. Peter Pham on what falling oil prices mean for Nigeria:
Oil revenue accounts for roughly 70 percent of Nigeria’s $521.8 billion economy. As the nation prepares for an election in February, falling oil prices are “seriously impacting the resources available to Nigeria’s government at a time when it not only faces a serious security threat from Boko Haram but other potential threats around the country,” said Peter Pham, director of the Africa Center at the Atlantic Council.
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“On the one hand, the need to scrape for every last dollar should push the Nigerian government to crack down on bunkering, while the declining oil price means that purchasers of stolen oil have less incentive to run the risk of buying the loot,” Pham explained. However, falling oil prices “might also mean an upsurge in theft by desperate people — or militants no longer on the dole.”