Nigeria faces severe recession - World Bank - Daily Post Nigeria

The institution raised the alarm in a statement in Abuja on Thursday as part of its latest Nigeria Development Update .

The organisation’s projection assumed that the spread of COVID-19 in Nigeria would be contained by the third quarter of 2020.The World Bank said before the pandemic, the Nigerian economy was expected to grow by 2.1 per cent in 2020. Now, the crisis has caused a reduction in growth by more than 5%.It noted that the macroeconomic impact of the COVID-19 pandemic will likely be significant, even if Nigeria manages to contain the spread of the virus.

“This comes at a time when fiscal resources are urgently needed to contain the COVID-19 outbreak and stimulate the economy.” “Besides the 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”.

The fall in remittances is likely to affect household consumption because half of Nigerians live in remittance-receiving households, of which about a third are poor, World Bank stated.

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