U.S. dollar hegemony adds to economic challenges facing African countries: Nigerian expert

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U.S. dollar hegemony adds to economic challenges facing African countries: Nigerian expert

STORY: U.S. dollar hegemony adds to economic challenges facing African countries: Nigerian expert DATELINE: Aug. 6, 2022 LENGTH: 00:02:29 LOCATION: Abuja CATEGORY: ECONOMY SHOTLIST: 1. various of Nigeria's capital city 2. various of center for China studies office in Abuja 3. SOUNDBITE (English): CHARLES ONUNAIJU, Director, Center for China Studies, Nigeria STORYLINE: The U.S. economy contracted for the second straight quarter, with growth falling at a 0.9 percent annual rate in the April-June period. This has sparked a new debate about the faltering economy in the U.S. A Nigerian expert said this could be a very worrying trend, as African countries that rely on the U.S. market may face greater economic challenges due to the U.S. dollar hegemony. SOUNDBITE (English): CHARLES ONUNAIJU, Director, Center for China Studies, Nigeria "There is a broad understanding among economists that when there is a contraction in two consecutive quarters, as in the case of the United States, there is an obvious danger."

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