Nigeria
Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.
It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.
Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.
Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.
To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.
According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.
Go to video
What is Sidi Ould Tah’s Vision for the AfDB?
Go to video
How Ugandan women are taking control of the coffee business
11:18
Africa accelerates towards energy and economic sovereignty with DRC mining growth {Business Africa}
11:14
Power Play or Partnership? America’s Strategy in Africa [Business Africa]
Go to video
Equatorial Guinea secures investment-grade rating — But for how long {Business Africa}
Go to video
Sub-Saharan Africa’s economy set to rebound, but Jobs still a major hurdle