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Nigeria's revenues dropped by 60% due to the pandemic, reveals vice president

Nigerian Vice President Yemi Osinbajo said that Nigeria's economy has been extremely impacted during the Covid-19 pandemic as revenues and foreign exchange earnings shrank by nearly 60%.

In this photograph taken on August 27, 2020, a man walks past cane woven household items on display at Nigeria's largest cane 'village' under the bridge at Mende in the Maryland District of Lagos. - Cane craft in Nigeria, Africa's most

Nigerian Vice President Yemi Osinbajo has revealed on Monday that the Covid-19 pandemic has massively impacted the Nigerian economy, especially the oil sector, which resulted in a 60% decline in revenues “As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent,” he said.

Nigeria's economy has been recently reeling as it mainly relies on oil exports, whereas it's widely known that the oil market has received a serious hit and suffered from recession during the pandemic. In addition, financial experts expect Nigeria's economic struggle to continue during the third quarter of 2020.

Osinbajo further revealed that Nigeria's sustainability plan is foreseen “to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians, especially the most vulnerable.”

Nigeria has reported more than 55,000 Covid-19 confirmed cases since the start of the pandemic, 43,013 recoveries, while 1,057 succumbed to the virus.