If you continue to navigate this website beyond this page, cookies will be placed on your browser. In 2020, the outlook for the Nigerian economy hangs on a framework of a well-intended but slightly uncoordinated policy outline. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus).Full Report: Nigeria in Times of COVID-19 : Laying Foundations for a Strong Recovery (English)Publication: Nigeria Development Update: Rebuilding After COVID-19 The Nigerian government is getting its hands around an economic sustainability plan after revising its oil revenue assumption price to $28pb. Looking ahead, the report discusses policy options in five critical areas that can help Nigeria recover from the COVID-19 crisis: (1) containing the outbreak and preparing for a more severe outbreak; (2) enhancing macroeconomic management to boost investor confidence; (3) safeguarding and mobilizing revenues; (4) reprioritizing public spending to protect critical development expenditures and stimulate economic activity; and (5) protecting poor and vulnerable communities.Besides the assessment of the economic situation, this edition of the Nigeria Development Update discusses the impacts of the 2019 land border closure; the opportunity to promote agribusiness for food security and job creation; and options to leverage emigration, remittances, and the diaspora for development.Global data and statistics, research and publications, and topics in poverty and development Before COVID-19, the Nigerian economy … To learn more about cookies, With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress.The macroeconomic impact of the COVID-19 pandemic will likely be significant, even if Nigeria manages to contain the spread of the virus. Markets Currency Government Bond 10y Stock Market. Over 40% of Nigerians employed in non-farm enterprises reported a loss of income in April-May 2020. Oil represents more than 80% of Nigeria’s exports, 30% of its banking-sector credit, and 50% of the overall government revenue.
This comes at a time when fiscal resources are urgently needed to contain the COVID-19 outbreak and stimulate the economy.
We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. 2) The rank that you see is the CIA reported rank, which may have the following issues: a) They assign increasing rank number, alphabetically for …
Meanwhile, the pandemic has also led to a fall in private investment due to greater uncertainty, and is expected to reduce remittances to Nigerian households, which in recent years have been larger than the combined amount of foreign direct investment and overseas development assistance.The report shows that the human cost of COVID-19 could be high. Noting that Nigeria’s 2020 budget was pegged on the presumption of oil selling at $57 per barrel, this plunge drags the 2020 budget into a large deficit. After all is said, the Nigerian market is not a Robinson Crusoe economy. Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from Covid-19 hit … With the drop in oil prices, government revenues are expected to fall from an already low 8% of GDP in 2019 to a projected 5% in 2020. All suggestions for corrections of any errors about Nigeria Economy 2020 should be addressed to the CIA or the source cited on each page.
Beyond the loss of life, the COVID-19 shock alone is projected to push about 5 million more Nigerians into poverty in 2020.
Luckily, oil prices are rebounding to the levels of March 2020 ($39.5pb) and production is holding steady. This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020. In the wake of the pandemic the World Bank forecast a decline of -3.2% for 2020—a five percentage point drop from its previous projections.While the lockdown has since been eased in the wake of “But Nigeria’s economy has also been crippled by external factors too as the coronavirus pandemic resulted in a near-total shutdown of economic activity around the world. The -6.1% decline is also Nigeria’s steepest in the last 10 years.As with most other economies around the world, the sharp drop in Nigeria’s GDP growth is largely down to the slowdown in economic activity after the country resorted to a lockdown back in April to curb the spread of the virus.