Welcome to Africanews

Please select your experience

Watch Live

Business Africa


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

Business Africa

<p><strong>Falling oil prices amid the coronavirus pandemic. Nigeria is predicting a recession that could lead to a devaluation of its national currency.</strong> </p> <p>The coronavirus continues to claim human, financial and economic victims. </p> <p>This is the case of Nigeria, which is going to reduce its operating budget for this year. </p> <p>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.</p> <p>Algeria wants to stabilize crude oil prices <h2 style="font-size:16px;"> Algeria wants to stabilize crude oil prices </h2> </p> <p><strong>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.</strong></p> <p>Algeria, another victim of the Covid-19 pandemic, wants to face the fall in oil prices. </p> <p>Algiers has put in place a policy aimed at reducing public spending: minus 30% in the state’s operating budget. </p> <p>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.</p>
View more