Underneath Coronavirus panic lies opportunity for African oil producers.
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Nj Ayuk, Executive Chairman Of The African Energy Chamber, Ceo Of Pan-African Corporate Law Conglomerate Centurion Law Group.
Despite the fact that the virus hasn’t yet affected African nations in any way as seriously as other regions of the world, a fact the World Health Organisation is still unable to explain, forecasts already indicated that just through reduced demand for African exports, the virus was expected to wipe at least $4 billion in revenue from the continent’s economy. Most of that was simply because China in particular, and Asia and Europe in general, were reducing oil and gas consumption dramatically as transport and economic activities came to a standstill in light of the epidemic that already forced several dozens of millions of people to be put under quarantine.
Despite the fact that the virus hasn’t yet affected African nations in any way as seriously as other regions of the world, a fact the World Health Organisation is still unable to explain, forecasts already indicated that just through reduced demand for African exports, the virus was expected to wipe at least $4 billion in revenue from the continent’s economy. Most of that was simply because China in particular, and Asia and Europe in general, were reducing oil and gas consumption dramatically as transport and economic activities came to a standstill in light of the epidemic that already forced several dozens of millions of people to be put under quarantine.
