Nigeria’s COVID-19 outbreak may push some five million people into poverty as the effects of the disease batters the West African country’s economy, the World Bank said on Thursday.

The shock caused by the pandemic, compounded by a global oil collapse, has hit Nigeria hard, especially considering the country is Africa’s largest economy mainly because it is the continent’s top crude producer.

According to Reuters, Nigeria also has the highest number of people living in extreme poverty in the world, and has not recovered from another recession in 2016.

The World Bank forecasts Nigeria’s economy will shrink 3.2-7.4% this year, depending on the severity of the COVID-19 outbreak. In a worst case scenario, the recession could continue into 2021 when the economy could contract 2%, it said.

“Today’s unprecedented crisis will require an equally unprecedented response from the entire Nigerian public sector (and) private sector to contain the outbreak and protect the lives and livelihoods of low-income and vulnerable communities,” the Bank said in a report on Nigeria’s economic development.


Nigeria had reported 20,020 COVID-19 infections as of Thursday afternoon, with 542 deaths.

In Nigeria, poverty and unemployment are attributed to have caused a rise in violent insecurity.

The country is already battling the Boko Haram militant group which has waged war for over a decade.

To cushion it from the harsh effects of the pandemic, the Nigerian government is in talks with the World Bank and other multilateral lenders to raise $6.5 billion in funding.

Source: https://africa.cgtn.com/2020/06/25/covid-19-impact-in-nigeria-could-impoverish-5-million-people-world-bank/

I was banned by an antibot on health section for no reason hence my posting it under business section..