This is as a result of the collapse in crude oil prices, coupled with the COVID-19 pandemic.
The prediction was contained in a world Bank’s new report, titled ‘Nigeria in times of COVID-19: Laying foundations for a strong recovery,’ it was 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.
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 points.
The 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’s exports, 30 per cent of its banking-sector credit, and 50 per cent of the overall government revenue.
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