Nigeria and other oil-producing countries in Africa will lose up to $65 billion in revenues because of the impact of Coronavirus on crude oil sales.
The ECA also warned that the unfolding coronavirus crisis could seriously dent Africa’s already stagnant growth. Songwe stated that “Africa may lose half of its GDP with growth falling from 3.2% to about 2 % due to a number of reasons which include the disruption of global supply chains.” Also, “remittances and tourism will be affected as the virus continues to spread worldwide, resulting in a decline in Foreign Direct Investment flows; capital flight; domestic financial market tightening; and a slow-down in investments – hence job losses” the ECA said.
With nearly two-thirds of African countries being net importers of basic food, shortages are feared to severely impact food availability and food security. Stephen Karingi, Director of the ECA’s Regional Integration and Trade Division, said “there, however, is an opportunity the Continent could take advantage of as trading within the African Continental Free Trade Area is set to commence this July.”
Oho dai
You will not tell us when they gain o. It is only bad news you media knows how to spread.
This is not a priority, saving the country matters most
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