Nigeria faces worst recession in 40 years, says W’Bank

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

The bank stated this in its latest Nigeria Development Update report released on Thursday.

The 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 in 2020.

It said, “This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020.



By Nike Popoola.
Full story at Punch.