First oil producer in Africa, Nigeria derives 70% of its export revenues from its crude oil. With
fall in prices, revenue forecasts are revised downwards. The country finds itself in difficulty, which
justifies its recourse to the International Monetary Fund.
3.4 billion dollars have therefore been granted to Nigeria in emergency aid. It is nearly double
what the country needs, according to Finance Minister Zainab Ahmed. Nigeria must therefore turn to
other donors to get by.
Ibrahim Jibrin, director of the Center for Democracy and Development in Nigeria, explains that he sensed
this problem for a long time, "as the dependence on oil has been excessive for a very
long time".
But the Nigerian expert fears another problem. “Nigeria, for some years, has been taking out loans,
especially Chinese loans. But already it has become difficult to repay! And that's going to be a problem."
he says.
Angola, the second largest oil producer in Africa, has decided to cut its production by 1.39 million
barrels per day in March to 1.18 million barrels per day since this month of May. The country's growth in
suffer the consequences.
As for Algeria, the government forecasts a decline in hydrocarbon revenues to $20.6 billion
against 37.4 billion provided for in the initial finance law of 2020.
Chad and Equatorial Guinea face the same difficulties.
Nj Ayuk, President of the African Energy Chamber, explains that "the current situation obliges States to
review their budget and make cuts in public spending so as to preserve the social contract,
promote job creation and stimulate growth which was already a challenge before the coronavirus pandemic
covid-19".
For Nj Ayuk, "the situation offers a perfect opportunity for local companies to emerge. Especially in
maintenance, logistics and oil and gas operations. They
can use this opportunity to stabilize the sector and become players".
Equatorial Guinea is already positioning itself on this track by taking a series of measures allowing
local companies to support their foreign partners to safeguard their operations in the
country.
After the crises of 2114 and 2016, the States had opted for a diversification of their economy. But
years later, this has never materialized, which Nj Ayuk regrets.