Economics

Oil Rebound Takes the Edge Off Covid-19 Slump in Nigeria

Oil price climbed past $40 and 2047 bond yields dropped
Three PMIs below 50 signal contraction in the second quarter

Nigerian Markets As Government Presents Ambitious Spending Plan — Photographer: KC Nwakalor/Bloomberg

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By Tope Alake and Anthony Osae-Brown

June 7, 2020 at 4:00 AM UTC

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Africa’s largest economy had a week of good and bad news as the oil price rebounded to the highest level in two months, while the negative impact of the coronavirus pandemic on consumers and business activity became clearer.