Nigeria At High Risk of Recession Over Oil Price, Others – World Bank

oil Price

oil Price

The World Bank says collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.

The World Bank made this known in a statement in Abuja on Thursday as part of its latest Nigeria Development Update (NDU).

The bank said the report indicated that Nigeria in Times of COVID-19: Laying Foundations for a Strong Recovery, estimated that the country’s economy would likely contract by 3.2 percent in 2020.

It stated that this projection assumed that the spread of COVID-19 in Nigeria would be contained by the third quarter of 2020.

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It, however, noted that If the spread of the virus became more severe, the economy could contract further, adding that before COVID-19, the Nigerian economy was expected to grow by 2.1 percent in 2020, which means that the pandemic had led to a reduction in growth by more than five percentage points.

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