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allafrica - 2 days ago

Nigeria: Nigeria Can t Cope With Global Pandemics Amid Vanishing Oil Revenue

[Vanguard] Earlier this month, shortly before the global outbreak of the Coronavirus, also known as COVID-19, the price of oil tumbled from $68 to $30 per barrel. It s a double whammy for oil-dependent countries, but particularly Nigeria, one of the world s most volatile economies. With oil accounting for 96 per cent of Nigeria s exports and over 75 per cent of its revenue, and with oil prices permanently in a downward spiral, Nigeria is utterly vulnerable, unable to cope with major pandemics, such as COVID-19!

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