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Nigeria's economy hit hard by collapse in oil prices

Like other oil companies in Nigeria, Rainoil has been selling at a loss since last spring, with the price of a barrel of crude below 20 dollars.
Like other oil companies in Nigeria, Rainoil has been selling at a loss since last spring, with the price of a barrel of crude below 20 dollars. © FRANCE 24

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.