So Venezuela (yesterday's post) is rich in oil reserves, and depends on that oil for nearly all its economy. Nigeria too is rich in (and dependent on) oil. Nigeria's oil industry is going downhill.
There was hope that Nigeria's growing economy could trigger prosperity all over Africa. But in just months their oil production has has sunk by about 30%. Why? "Militant" attacks. Groups of barbarians attack and blow up pipelines, with the result that production of barrels per day went from 2.2 million to 1.4.
It's an expensive risk for Eni (Italian), Chevron, and Shell to try to keep business going. This serious setback for Nigeria's economy means hardship for its people. Oil companies can't keep investing capital in a location where their pipelines are blown up and their people are in danger.
New militant group "Niger Delta Avengers claimed responsibility for the Chevron attack and said, on its website, that its “major goal” is “to cripple the Nigerian economy.”
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