According to the International Monetary Fund, the projected decline in revenue is attributable to the dwindling global crude oil prices.
IMF’s Director, African Department, Abebe Selassie, disclosed this at the Africa Ministerial Roundtable on COVID-19 impact on the energy sector in Africa. The fund noted that African governments would be under intense budget pressure and rise in debt burden, adding that such burden would be higher among oil exporting countries.“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,” Selassie stated.
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.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.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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