COVID-19 Threatens Nigeria's Economy [Business Africa]

Falling oil prices amid the coronavirus pandemic. Nigeria is predicting a recession that could lead to a devaluation of its national currency.

The coronavirus continues to claim human, financial and economic victims.

This is the case of Nigeria, which is going to reduce its operating budget for this year.

The current crisis caused by the drop in oil prices could lead to other consequences including a recession and a devaluation of the Naira, the national currency.

Algeria wants to stabilize crude oil prices

Algeria wants to stabilize crude oil prices

Algeria plays the caution card in the face of the Covid-19. The government has revised its public spending downwards, including the volume of its imports.

Algeria, another victim of the Covid-19 pandemic, wants to face the fall in oil prices.

Algiers has put in place a policy aimed at reducing public spending: minus 30% in the state’s operating budget.

These measures aim to protect the country’s economy while the fall in the price of black gold has a huge impact on producing countries.