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Nigeria Is In Deep "Oil Crisis"

wallpapers Industry 2020-04-16

Severely affected by the new coronary pneumonia epidemic and the plunge in oil prices, Nigeria recently said that in the face of the upcoming economic recession, the country requested emergency aid of US $ 7 billion and abandoned an expensive oil subsidy program. If severe measures are not taken to deal with the spread of new coronary pneumonia in Nigeria, the country will fall into the second economic recession in five years. If the central bank, the federal government, and international agencies fail to provide large-scale stimulus plans that exceed billions of dollars, the country's economy may contract by 3.4% this year. In light of this, the International Monetary Fund began to consider the US $ 3.4 billion emergency request from Nigeria, and the World Bank also provided the US $ 2.5 billion in emergency assistance to the country and allocated the US $ 82 million to strengthen the country's medical infrastructure.

It is reported that Nigeria's GDP growth in 2020 is expected to shrink from 1% to 0.4%. The stimulus plan issued by the country's central bank (approximately US $ 2.6 billion) accounts for only 0.7% of GDP in 2019. The country's emergency assistance from the International Monetary Fund 3.4 billion US dollars also accounted for only 0.8% of GDP. The economic stimulus plans announced by many Western countries account for 10% or more of GDP. Most African countries, like Nigeria, cannot implement considerable economic stimulus plans. Therefore, the aid will help, but it can only make up for the shortfall of funds, not enough to start the economy.

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Tag: Oil Crisis