The health crisis due to the coronavirus and the fall in oil prices will create a strong recession for the largest sub-Saharan economy. Oil production in Nigeria accounts for more than half of revenues and 90% of export earnings, as explained The African Review.
Why it’s worse than expected. After the fall in oil prices in May, Nigeria, which depends largely on the export of black gold, had forecast a price per barrel around 30 dollars to cope with the crisis. An already significant drop when compared to the price for which the first sub-Saharan economy intended to sell its barrels in 2020: 57 dollars. The country finally decided to bend to market prices, and sell its barrel of oil around 20 dollars.
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