Hit by falling oil prices, Nigeria gets $3.4 billion from the IMF

The continent’s leading producer of black gold (1.7 million barrels/day), Nigeria has been granted emergency aid of 3.4 billion dollars by the International Monetary Fund (IMF). According to the financial institution’s press release, published on 28 April, this support will be used to « support the efforts of the authorities to deal with the serious economic repercussions of the Covid-19 shock and the sharp drop in oil prices ». The country, which depends on crude oil for 70% of its foreign income, has already revised its 2020 budget downwards at the beginning of March in order to take into account the significant distortion between the initial forecasts ($30 billion of planned budget and a reference crude oil price of $57 per barrel) and the financial resources actually available.