With oil prices plunging amid concerns over a price war between Russia and Saudi Arabia, and the coronavirus outbreak obliterating stock markets, Africa’s largest economy is in a precarious position. The International Monetary Fund (IMF) on Thursday said it will be working closely with the Nigerian authorities in the coming days to assess any vulnerabilities which may be exposed by the sharp decline in crude prices, as Nigerian and Angolan dollar bonds sank to record lows. An oil price crash has wiped $4.8 billion off the market value of South African petrochemicals group Sasol, adding to the government’s difficulties in shoring up business confidence as giant state-backed companies flounder. The destruction of value at one of South Africa’s biggest companies is another problem for a government grappling with a heavily-indebted state power company and airline.
SOURCE: CNBC AFRICA | REUTERS AFRICA
More Stories
Nationalising Rabat’s State Entities
When One Trial Ends Another Opens for South Africa’s Former President
China Follows DRC’s Lead on Mining Regulations
Namibian Protesters Call for Talks Before Accepting Berlin’s Deal
Nigeria has been Grappling with a Growing Drug Problem
Kigali Snubs Belgium Over Jailed Hotelier
How African States Can Take Advantage of the Growing Demand of Cashews
Proceeds from Seized Assets to Fund Malabo’s Vaccination Programme
Khartoum’s Transition Rocked by Coup Attempt
What a ‘Day of Peace’ Looks Like in Nigeria
Richard Branson’s Oasis in Morocco Gets Top Prize
The UK Keeps South Africa on its Red List for Travel