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.”

Source: https://punchng.com/breaking-nigeria-faces-worst-recession-in-40-years-world-bank/

WHO should sit down

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don't quote me if you're myopic, if WHO had done their jobs we won't be here

Not surprised! "Covid-19 join follow make matter worst"

Lol . Now that apc matter didn't fall out as bad as expected, it is time to shift to other distractions.

Time for Wailers to blame Buhari as usual

Edopesin:
WHO should seat down

Why sayeth so?

Our own kind of recession na first grade..

Local man can't afford 3 decent square meals..we're living by God grace and his mercy..

What about the US and the UK, are they also not being affected at all

We have been facing recession since 1986, what is different about this one?

Hezzyluv:


Why sayeth so?

They are telling us what we already know instead bringing solutions

besides we won't be here in the first place if they had acknowledged that the virus wasn't contained in China

Nothing new. Recession is like malaria in Nigeria

Lol na normal thing for here, nothing new

No matter how Borrowhari destroy the Nigerian economy reach, The Lord is my shepherd, I shall not want..... that's what my song will be, that's what my song will be.............Anyway,

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we are the Giant of Africa will are gonna bounce back...

All thanks to APC

abeg forget about 40years recession, na the main recession be this...
As School is on break and no one knows when it'll resumes.
If ur kids do nt do online learning to also have computer and Internet knowledge,
Or learn a work 2 bcom an entrepreneur,
Or learn a trade 2 become der own boss,
Or explore der talents 2 become a celebrity in future and U OPEN UR MOUTH TO SING UR KIDS ARE THE LEADERS OF TOMORROW na thunder go fire dat ur left yansh...
Even Buhari sef was a Soldier.

Okay.
It's just a projection. If you don't know what it means, check the dictionary before saying 'Buhari has killed us again'.
BTW, their assumption places the handling of COVID 19 as the central factor.

Might turn out to be wrong eventually

And the politicians are busy forming alliance to continue stealing. They don't care

God no go shame us las las

Dem don come again with their doomsday prediction.
They said Africans will die of Covid-19 like flies but God proved them wrong.
They're making another panicking prediction again. God pass dem!

So Nigeria was into worse recession in 80's?
Anyway, we will survive

They still said that dead bodies will liter the streets of Africa due to the corvid-19 but still the West have suffered it more

The only thing I know be say Las las God no go shame us

We are finish

BeLookingIDIOT:
Time for Wailers to blame Buhari as usual

As in ehn. They'll ignore the fact that the projection is pandemic-induced.

Noted. What else?

OK. We'll still survive it.

Meanwhile, please someone should give me guidance on how to use zoom app. Thanks.

Emir Sanusi was right

When are we not in recession?

Stop scaring us with recession...we are used to it

no be today oga, we don tey for inside

hmm

News paper don enter another channel
Sharp sharp

bender79:
Lol . Now that apc matter didn't fall out as bad as expected, it is time to shift to other distractions.