Country Director for Nigeria
World Bank: Nigeria faces worst recession in 40 years
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 poin...
