Coronavirus: African Oil Sector To Lose $34 Billion - IMF

Nigeria and other African exporters of oil are expected to lose $34 billion in the face of the coronavirus pandemic. 

The Director of the African Department of the institution, Abebe Selassie, said this at the Africa Ministerial Roundtable on COVID-19, reflecting on its impact on the energy sector.

This bleak forecast comes from the stables of the International Monetary Fund (IMF), stating that the loss will be a result of the declining prices in crude oil.

IMF noted that the reversal of this grim fate would depend on African governments investing "renewable energy which offers huge potential."

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Selassie said, “The shock is certainly crippling fiscal resources in the short run, but it should not be allowed to wipe out the achievements in terms of human development over the last two decades,” Selassie stated.

“The recovery on the continent depends crucially on investing in renewable energy which offers huge potential in terms of badly needed jobs and acquiring new technological capabilities.

“It would also help fight climate change and power the development of Africa.”