{"id":41002,"date":"2020-06-25T15:09:33","date_gmt":"2020-06-25T14:09:33","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=41002"},"modified":"2020-06-25T15:09:33","modified_gmt":"2020-06-25T14:09:33","slug":"nigeria-faces-worst-recession-in-40-years-world-bank","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-faces-worst-recession-in-40-years-world-bank\/","title":{"rendered":"Nigeria Faces Worst Recession In 40 years \u2013 World Bank"},"content":{"rendered":"<p>The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to \u201cplunge the Nigerian economy into a severe recession, the worst since the 1980s\u201d, the World Bank said on Thursday.<\/p>\n<p>The World Bank, in a new report, titled \u2018Nigeria in times of COVID-19: Laying foundations for a strong recovery,\u2019 estimated that Nigeria\u2019s economy would likely contract by 3.2 per cent this year.<\/p>\n<p>\u201cThis projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,\u201d it said.<\/p>\n<p>The bank said if the spread of the virus became more severe, the economy could contract further.<\/p>\n<p>It said, \u201cBefore 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.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>\u201cThe 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\u2019s exports, 30 per cent of its banking-sector credit, and 50 per cent of the overall government revenue.\u201d<\/p>\n<p>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.<\/p>\n<p>The Country Director for Nigeria, World Bank, Shubham Chaudhuri, said, \u201cWhile the long-term economic impact of the global pandemic is uncertain, the effectiveness of the government\u2019s response is important to determine the speed, quality, and sustainability of Nigeria\u2019s economic recovery.<\/p>\n<p>\u201cBesides 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.\u201d<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to \u201cplunge the Nigerian economy into a severe recession, the worst since the 1980s\u201d, the World Bank said on Thursday.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":27257,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[486],"coauthors":[2391],"class_list":["post-41002","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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