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Nigeria faces worst recession in 40 years – World Bank

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The world bank made known today that 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.

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.

Meanwhile, 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 world bank added that 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.

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