Oil Crisis: Nigeria, Other African Oil Exporters To Lose $34bn – IMF

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The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed.

IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that such a burden would be higher among oil-exporting countries.

Abebe Selassie, IMF’s director, African Department, made this stunning disclosure at the Africa ministerial roundtable on COVID-19 impact on the energy sector in Africa.

“The shock is certainly crippling fiscal resources in the short run, but it should not be allowed to wipe out the achievements in terms of human development over the last two decades,” says Selassie.

He added, “The recovery on the continent depends crucially on investing in renewable energy which offers huge potential in terms of badly needed jobs and acquiring new technological capabilities.

“It would also help fight climate change and power the development of Africa.”

The IMF noted that since the 2014 oil price collapse, production and investments of most African oil exporters had been on the decrease.

The institution blamed the decline on structural issues, governance, and security concerns in several countries, especially in Nigeria and Libya.

Babajide Okeowo
Babajide Okeowohttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

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