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.

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.