Virus fallout: IMF says Nigeria economy to shrink by 3.4 percent

Global coronavirus lockdowns and low oil prices to hit Nigeria's economy, already reeling from high unemployment.

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    The International Monetary Fund says Nigeria's economy is expected to shrink by 3.4 percent this year and Africa's largest economy could face a recession lasting until 2021.

    Oil-rich Nigeria has been hit by the plunge in the demand for energy set off by the global lockdown against COVID-19.

    And the country's jobless rate, already at 23 percent, is expected to climb even higher. 

    Al Jazeera's Ahmed Idris reports from Abuja.


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