“Very significant shock” of lower oil prices in Africa

Eight oil-producing countries in Africa are facing a “very significant” economic shock following the collapse in oil prices over the past two years.

A barrel currently costs around US$50 on global markets, down from a high of US$125.

The countries mostly badly hit are Angola, Cameroon, Chad, Republic of Congo, Equatorial Guinea, Gabon, Nigeria and South Sudan.

By contrast, oil importing countries are benefitting from the price collapse.

Daniel Dickinson has been speaking to Abebe Selassie, Deputy Director in the African Department of the International Monetary Fund

Duration: 3’45”

Source: United Nations Radio.

You May Also Like