Word: nigerias
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...stock market. The Dow Jones industrial average rose 42.43 points and broke through the 1600 milestone for the first time, closing the week at a record 1613.42. But the rally stalled occasionally, partly because many investors were nervous about the effect that falling oil prices could have on Mexico, Nigeria and other debt-ridden oil producers and on the banks that have lent them money...
...spartan Dodan Barracks in Lagos, where he lives and works. Outside, two armored cars and two tanks evince the might of the Nigerian military. They are also reminders of the dangers that the country's youthful President, Major General Ibrahim Badamasi Babangida, faces as he goes about reshaping Nigeria's corrupt and debt-ridden society. The President recently granted a 50-minute interview to TIME Correspondent James Wilde. Throughout, he displayed a ready smile and a penchant for easy laughter. Excerpts...
...looking to buy petroleum and to sell everything from weapons to steel mills. In the Middle East, the cascade of petrodollars brought about novel configurations of regional power, with Saudi Arabia taking a leading role. Bankers rushed to lend billions of dollars to such oil producers as Mexico and Nigeria, which were embarked on crash development programs. Always there was the worry that the industrialized world would be brought to its knees by a cutoff of the precious and ever more expensive petroleum supply...
...Nigeria (estimated foreign debt: $20 billion), where there have been two military coups in the past two years, the petrocrisis could not have come at a worse time. The second coup, in August, led to the accession as President of Major General Ibrahim B. Babangida, who in December announced a stiff austerity budget to begin rebuilding the devastated local economy. The latest oil-price collapse, however, has not helped the government in its planning, having made Nigeria's projections of $8.1 billion in oil revenues this year appear decidedly optimistic...
...Less expensive oil means lower energy costs for consumers and companies, which can give a substantial boost to U.S. and worldwide growth. At the same time, however, a further fall in oil prices could deal a crippling blow to U.S. energy firms and debt-ridden oil producers, including Mexico, Nigeria and Venezuela. Their woes might then threaten banks and rock the international financial system. Says Edward Yardeni, chief economist for Prudential-Bache Securities: "The oil-price collapse suddenly woke people up to the fact that the financial crisis is still out there. We'd become so jaded that it didn...