From creditor to debtor: Nigeria’s long descent from oil wealth to borrowing nation

…Lent $240m to World Bank in 1974; $120m to IMF in 1975

In the mid-1970s, Nigeria occupied a position few developing countries could boast of. Flush with oil revenues and rising foreign reserves, the country was not seeking financial assistance from international institutions; it was helping to

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From creditor to debtor: Nigeria’s long descent from oil wealth to borrowing nation

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