Coronavirus: Nigeria's Muhammadu Buhari sets up a committee as global pandemic hits Africa's biggest economy

President Muhammadu Buhari. [Twitter/@NigeriaGov]
  • A new committee has been set up to assess the impact of the Coronavirus disease (COVID-19) on Nigeria’s economy.
  • This comes after the outbreak caused a decline in the price of crude oil in the global market.
  • The Nigerian naira and stock market have also been affected by the virus.

President Muhammadu Buhari has set up a committee solely focused on the economic impact of the coronavirus, officially known as COVID-19.

According to Nigeria's Ministry of Petroleum Resources, the board will assess the impact of the outbreak on the nation's 2020 budget.

The committee is made up of;

  • the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, 
  • Minister of State for Petroleum Resources, Chief Timipre Sylva, 
  • Minister of State, Budget and National Planning, Prince Clem Ikanade Agba,
  • Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and Mele Kyari, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC).

So far, the virus which was recently declared a pandemic, has caused a decline in the price of crude oil in the global market.

As a result, the Nigerian currency (Naira) has declined by 1.10% to N367 per dollar at the parallel market.

The Nigeria stock market has also been hit, losing the most in almost a decade as sell-off persists. The Stock's All Share Index declined by 4.9%.

As the outbreak continues to spread across the world with two confirmed cases in Nigeria, analysts predict a toll on Nigeria's export earnings.

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