The impact of the COVID - 19 pandemic is estimated to cost Nigeria and other oil exporters in Africa a total of about $ 34 bn in revenue.
According to the International Monetary Fund , the projected decline in revenue is attributable to the dwindling global crude oil prices .
IMF ’ s Director, African Department , Abebe Selassie , disclosed this at the Africa Ministerial Roundtable on COVID - 19 impact on the energy sector in Africa .
The fund noted that African governments would be under intense budget pressure and rise in debt burden , adding that such burden would be higher among oil exporting countries .
It said if the pandemic persists , it could transform profoundly the demand for energy.
“ 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.
He added , “ 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 . ”
The IMF noted that since the 2014 oil price collapse , production and investments of most African oil exporters had been on the decrease .
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