Oil slump brings fresh headache for nigeria as coronavirus spreads further afield

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Oil Slump Brings Fresh Headache for Nigeria as Coronavirus Spreads Further Afield

Lagos, Nigeria - The ongoing slump in global oil prices has dealt a fresh blow to Nigeria's already fragile economy, just as the country struggles to contain the spread of the coronavirus.

Nigeria is the largest oil producer in Africa and relies heavily on oil exports to fund its budget and economy. However, the recent decline in oil prices has reduced the country's revenue and made it difficult for the government to meet its financial obligations.

The country's oil production has also been affected by the outbreak of the coronavirus, which has led to a decline in global demand for oil. The Nigerian National Petroleum Corporation (NNPC) has reported a significant decline in oil production, with daily output falling to around 1.4 million barrels per day, down from 2.3 million barrels per day in January.

The combination of low oil prices and reduced production has resulted in a significant decline in Nigeria's foreign exchange earnings, making it difficult for the country to import essential goods and services.

The economic impact of the oil slump is being felt across the country, with many businesses struggling to stay afloat. The Nigerian Stock Exchange has also been affected, with the All-Share Index declining by over 10% in the past month.

The spread of the coronavirus has also added to the country's economic woes, with many countries imposing travel restrictions and lockdowns to contain the spread of the virus. This has led to a decline in international trade and tourism, which are important contributors to Nigeria's economy.

The Nigerian government has announced a series of measures to mitigate the impact of the oil slump and the coronavirus outbreak, including a reduction in government spending and a increase in borrowing. However, many economists believe that more needs to be done to address the country's economic challenges.

"The oil slump and the coronavirus outbreak are a double whammy for Nigeria's economy," said Dr. Bismarck Rewane, a leading economist in Nigeria. "The government needs to take bold action to address the country's economic challenges and ensure that the economy is resilient to external shocks."

In the meantime, many Nigerians are bracing themselves for the worst, as the country struggles to navigate the economic storm.