Nigeria's economy hit hard by collapse in oil prices

World News

Nigeria's economy hit hard by collapse in oil prices

#Nigeria is officially in #recession for the first time in more than a decade, bringing an end to three years of low but positive growth. The African country’s economy relies heavily on oil exports, but the coronavirus #pandemic has slashed global demand and the price of oil has plunged. That’s bad news for a country whose budget plans relied on getting a certain price per barrel, a price that now means Nigeria is selling crude at a loss. Our correspondent Moïse Gomes reports from Lagos. 

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