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Nigeria, other African oil-exporting countries to lose $34bn revenue to COVID-19 –IMF

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The economic shocks of the coronavirus pandemic through lockdowns and eternal vulnerabilities might trigger income loss of around $34 billion in Nigeria and other oil-exporting countries in Africa, the International Monetary Fund (IMF) said on Tuesday.

Abebe Aemro Selassie, Director of the African Department at the IMF, stated in his remarks at the IEA Ministerial Roundtable on COVID-19 Impact on Africa’s Energy Sector that the effects of the coronavirus crisis would be particularly weighty on African oil producers among other economies on the continent on the per capita growth basis.

The IMF’s projection put average Gross Domestic Product growth per capita of the whole continent at -49.9 per cent and that of oil exporters at -7.4 per cent.

It observed that the pandemic had put enormous strain on government budgets, causing around one quarter loss to the continent’s revenue and more than one third to African oil exporters.

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