PLUNGING world oil prices have dealt a blow to Africa far greater — purely in economic terms — than Ebola, setting back investment in exploration and plans to industrialise.
The highest-profile victim so far has been Africa’s top producer, Nigeria, which was forced to devalue its currency 8% this week after the central bank admitted dwindling reserves were making it hard to defend it.
In dollar terms, the devaluation knocked $40bn off the value of Nigeria’s economy — considerably more than the $32bn worst-case scenario the World Bank projected during last month for Ebola’s economic effect on the entire sub-Saharan region.