{"id":24692,"date":"2020-06-25T21:25:59","date_gmt":"2020-06-25T19:25:59","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=24692"},"modified":"2020-06-25T21:25:59","modified_gmt":"2020-06-25T19:25:59","slug":"nigeria-faces-worst-recession-in-40-years-world-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/nigeria-faces-worst-recession-in-40-years-world-bank","title":{"rendered":"Nigeria faces worst recession in 40 years \u2013 World Bank"},"content":{"rendered":"

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

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

\u201cThis projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,\u201d it said.<\/p>\n

The bank said if the spread of the virus became more severe, the economy could contract further.<\/p>\n

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>\n

\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","protected":false},"excerpt":{"rendered":"

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. 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 […]<\/p>\n","protected":false},"author":84,"featured_media":22831,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1388,613],"class_list":{"0":"post-24692","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-covid-19","10":"tag-world-bank"},"yoast_head":"\nNigeria faces worst recession in 40 years \u2013 World Bank - zimbabwe<\/title>\n<meta name=\"description\" content=\"The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to \u201cplunge the Nigerian economy into a severe recession\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nigeria-faces-worst-recession-in-40-years-world-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria faces worst recession in 40 years \u2013 World Bank\" \/>\n<meta property=\"og:description\" content=\"The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to \u201cplunge the Nigerian economy into a severe recession\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nigeria-faces-worst-recession-in-40-years-world-bank\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-25T19:25:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2020\/05\/The-World-Bank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"536\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nigeria-faces-worst-recession-in-40-years-world-bank\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nigeria-faces-worst-recession-in-40-years-world-bank\",\"name\":\"Nigeria faces worst recession in 40 years \u2013 World Bank - 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