Nigeria’s economic crisis worsens

Nigeria's economic slump sharpened in the third quarter as rebels bombed oil pipelines in the restive south and businesses struggled to access foreign exchange, official data showed Monday.

A recession appeared inevitable when militants renewed attacks on the country's oil infrastructure early this year, strangling production that accounts for around 70 percent of government revenue and the bulk of Nigeria's export earnings.

"Not only do the attacks have an instant impact on output, and cause major damage to infrastructure, but continued unrest will only further discourage international oil companies from investing in oil projects," Rhidoy Rashid, oil analyst at Energy Aspects, said in a recent note.
'