Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Nigeria Faces Worst Recession In 40 Years – World Bank
Quote:The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday.

The World Bank, in a new report, titled ‘Nigeria in times of COVID-19: Laying foundations for a strong recovery,’ estimated that Nigeria’s economy would likely contract by 3.2 per cent this year.

“This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,” it said.

The bank said if the spread of the virus became more severe, the economy could contract further.

It said, “Before COVID-19, the Nigerian economy was expected to grow by 2.1 per cent in 2020, which means that the pandemic has led to a reduction in growth by more than five percentage points.

“The macroeconomic impact of the COVID-19 pandemic will likely be significant, even if Nigeria manages to contain the spread of the virus. Oil represents more than 80 per cent of Nigeria’s exports, 30 per cent of its banking-sector credit, and 50 per cent of the overall government revenue.”

According to the report, with the drop in oil prices, government revenues are expected to fall from an already low eight per cent of GDP in 2019 to a projected five per cent in 2020.

The Country Director for Nigeria, World Bank, Shubham Chaudhuri, said, “While the long-term economic impact of the global pandemic is uncertain, the effectiveness of the government’s response is important to determine the speed, quality, and sustainability of Nigeria’s economic recovery.

“Besides immediate efforts to contain the spread of COVID-19 and stimulate the economy, it will be even more urgent to address bottlenecks that hinder the productivity of the economy and job creation.”


[Image: 11802932_worldbank_jpeg0685c866fadd0e5830cdbc6ef1c94701]

Possibly Related Threads...
Thread Author Replies Views Last Post
  ShopRite Denies Leaving Nigeria Edoman 1 15 08-03-2020, 11:43 PM
Last Post: Edoman
  Shoprite To Leave Nigeria After 15 Years - News24 Edoman 0 17 08-03-2020, 11:28 AM
Last Post: Edoman
  MTN Nigeria posts 4.7% decline in profit after tax Edoman 0 26 07-31-2020, 04:15 PM
Last Post: Edoman
  Nigeria exports power to Niger, Togo and Benin so they won't dam the waters Edoman 0 25 07-28-2020, 11:33 PM
Last Post: Edoman
  Nigeria exports $81.48bn electricity on credit as country’s blackout persists Edoman 0 31 07-27-2020, 01:39 PM
Last Post: Edoman
  Jaiz Bank pays shareholders N884m maiden dividends Edoman 0 31 07-19-2020, 11:13 AM
Last Post: Edoman
  Nigeria loses $3b to gold smuggling Edoman 0 37 07-19-2020, 11:10 AM
Last Post: Edoman
  Top 5 Highest Earning CEOs In Nigeria Receive N272M To N586 Million Yearly Edoman 0 37 07-14-2020, 10:54 PM
Last Post: Edoman

Users browsing this thread: 1 Guest(s)


About contripeople

Contripeople forum description.

              Quick Links

              User Links