Oil at $85 Makes Nigeria a Winner, While Congo Has Most to Lose

The surge in oil prices following the US and Israel’s war on Iran will improve the current account balance of just three sub-Saharan African economies, while most others will suffer, according to Bloomberg Economics.

If oil stays at about $85 a barrel, Angola, Nigeria and Ghana will see their current account balance improve, while the Democratic Republic of Congo, South Africa and Kenya will be among the worst-hit, Bloomberg Economics Yvonne Mhango wrote in a report on Thursday.

Source: Bloomberg