The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

W/Bank Predicts Sharp Fall In Nigeria’s GDP

Next Edition by Next Edition
April 11, 2020
in Top News
W/Bank Predicts Sharp Fall In Nigeria’s GDP

World Bank

0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The World Bank has predicted a sharp fall in Nigeria’s real gross domestic product growth as countries in sub-Saharan Africa head towards recession as a result of the ongoing coronavirus outbreak.

The latest edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region, said COVID-19 was driving sub-Saharan Africa towards a first recession in 25 years.

You might also like

Human Skull Recovered From Enugu Church Site Linked To Child Murder Case

Fed Govt Declares Thursday Public Holiday To Mark June 12

Outage: LASG To Restore Electricity To Badagry Communities 

The report, which was released on Thursday, said already, growth in the region had been significantly impacted by the outbreak and is forecast to fall sharply from 2.4 per cent in 2019 to -2.1 to -5.1 per cent in 2020.

The regions three largest economies – Nigeria, Angola, and South Africa – are expected to witness a sharp fall in real GDP growth as a result of persistently weak growth and investment.

“While most countries in the region have been affected to different degrees by the pandemic, real gross domestic product growth is projected to fall sharply, particularly in the region’s three largest economies – Nigeria, Angola, and South Africa – as a result of persistently weak growth and investment,” the report said.

It is estimated that COVID-19 will cost sub-Saharan Africa between $37bn and $79bn in output losses for 2020 due to a combination of effects.

The effects include trade and value chain disruptions for commodity exporters and countries with strong value chain participation, as well as reduced foreign financing flows from remittances, tourism, foreign direct investment and foreign aid.

Other effects are capital flight, direct impact on health systems, and disruptions caused by containment measures and the public response.

The World Bank report projected that oil exporting-countries such as Nigeria will be hard-hit by the impact of the outbreak.

It also projected that growth is expected to weaken substantially in the two fastest growing areas – the West African Economic and Monetary Union and the East African Community – due to weak external demand, disruptions to supply chains and domestic production.

READ ALSO: COVID-19: World Bank Foresees Sub-Sahara Africa’s 1st Recession In 25 Years

The region’s tourism sector is expected to contract sharply due to severe disruption to travel.

The impact of the pandemic on agriculture could lead to food security crisis, the report further observed.

“The COVID-19 crisis also has the potential to spark a food security crisis in Africa, with agricultural production potentially contracting between 2.6 per cent in an optimistic scenario and up to seven per cent if there are trade blockages.

“Food imports would decline substantially (as much as 25 per cent or as little as 13 per cent) due to a combination of higher transaction costs and reduced domestic demand,” the report said.

The report urged African policymakers to focus on saving lives and protecting livelihoods by strengthening health systems and taking quick actions to minimise disruptions in food supply chains.

It also recommended implementation of social protection programmes including cash transfers, food distribution and fee waivers to support citizens, particularly those working in the informal sector.

The report noted that factors such as large and densely populated urban informal settlements, poor access to safe water and sanitation facilities, and fragile health systems posed challenges to the containment and mitigation measures.

“The COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,” World Bank Vice-President for Africa, Hafez Ghanem, said.

The World Bank added that it was helping developing countries to strengthen their response to the pandemic by deploying up to $160bn over the next 15 months in programmes aimed at protecting the vulnerable, supporting businesses, and bolstering economic recovery.

Courtesy: Economic Confidential

Tags: COVID-19 crisisEast African CommunityfeaturedNigeria’s GDPSharp FallW/Bank PredictsWest African Economic and Monetary Union
Next Edition

Next Edition

Recommended For You

How My Husband, Pastor Killed My 7-Year-Old Son For Money Ritual In Enugu- Wife

Human Skull Recovered From Enugu Church Site Linked To Child Murder Case

In a development in Enugu State, security operatives have discovered a human skull at a church construction site allegedly tied to a suspected ritualist, Prophet Chinedu Solomon Ezedike....

Alt="Mr. Olubunmi Tunji-Ojo, Minister of Interior "

Fed Govt Declares Thursday Public Holiday To Mark June 12

The Federal Government has declared Thursday, June 12, 2025, a public holiday to commemorate this year’s democracy day celebration. Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the declaration...

Eko Electricity Coy Promises Uninterrupted Power Supply During Eid-el-Fitr

Outage: LASG To Restore Electricity To Badagry Communities 

  The Lagos State Government has commenced efforts to restore electricity to communities in the Badagry-West Local Council Development Area (LCDA). Mr Bonu Solomon, the Lawmaker representing Badagry...

Alt="National Security Adviser (NSA), Malam Nuhu Ribadu"

Insecurity: FG Destroys 3,867 Illicit Weapons

The Federal Government has destroyed 3,867 Small and Light Weapons (SALW). The National Security Adviser (NSA), Malam Nuhu Ribadu, performed the destruction exercise at the Muhammadu Buhari Cantonment,...

Next Post
No Chadian Troops in Nigerian Territory – Nigerian Army

No Chadian Troops in Nigerian Territory – Nigerian Army




Related News

Offa robbery: Kwara offers N5m for useful information

Offa robbery: Kwara offers N5m for useful information

Senate challenges Adeosun on passage of 2018 budget

Senate challenges Adeosun on passage of 2018 budget

Mothers Day: Cleric Encourages Women To Embrace Politics

Mothers Day: Cleric Encourages Women To Embrace Politics




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited