Nigeria’s economy hit hard by collapse in oil prices

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About This Source - FRANCE 24 English

The video item below is a piece of English language content from France 24. France 24 is a French state-owned international news television network based in Paris.

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    • FRANCE 24 English published this video item, entitled “Nigeria’s economy hit hard by collapse in oil prices” – below is their description.

    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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