Plunging oil prices hurts Africa's growth

The continued fall of crude oil prices on the international market may impact negatively on Africa's economic growth, the African Capacity Building Foundation (ACBF) said Friday.
ACBF executive director Emmanuel Nnadozie said if prolonged, the oil price plunge, while a relief to many countries, may end up having a net negative impact on Africa's growth.
"The current plunging of oil prices, if prolonged, may result in significantly slowing down Africa's growth because the continent's economies are not diversified enough to resist such expected shocks," he said at a ceremony where his organization signed a three-year agreement with the United Nations Economic Commission for Africa (UNECA) to build institutional capacity in Africa.
Crude oil prices have plunged by more than half since June last year, bringing relief to oil importing countries but anguish to oil exporting countries, particularly those that entirely rely on oil exports for revenue.