The coronavirus crisis could negatively affect Africa’s growth with oil exporting nations losing up to $65 billion in revenues, according to The Economic Commission for Africa (ECA).

According to ECA executive secretary, Vera Songwe Africa may lose half of its GDP with growth falling from 3.2% to about 2% due to a number of reasons which include the disruption of global supply chains. Songwe said the continent would need up to $10.6 billion in unanticipated increases in health spending to curtail the virus from spreading, while on the other hand revenue losses could lead to unsustainable debt.

The outbreak could reduce Nigeria’s total exports of crude oil in 2020 by between $ 14 billion and $ 19 billion, while on the other hand, ECA projects that the coronavirus could lead to Africa’s export revenues from fuels falling at around $101 billion in, resulting in a decline in FDI flows; capital flight; domestic financial market tightening; and a slow-down in investments; hence, job losses.