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World Bank: Nigeria faces worst recession in four decades
The World Bank says the collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.
Fri, 03 Jul 2020 14:17:00 GMT
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AI Generated Summary
- Nigeria is experiencing its worst economic recession since the 1980s, attributed to the collapse in oil prices and the challenges posed by the COVID-19 pandemic.
- The World Bank report highlights the urgent need for policy reforms, including addressing the revenue crisis, restoring macroeconomic stability, and tackling rising poverty levels.
- Strategic focus on key sectors such as agriculture and services, along with prudent fiscal policies, is crucial for Nigeria to navigate through the recession and pave the way for economic recovery.
Nigeria is facing its worst economic recession since the 1980s, according to a recent report by the World Bank. The collapse in oil prices, combined with the impact of the COVID-19 pandemic, has thrown the country into a severe economic crisis. Tilewa Adebajo, CEO of CFG Advisory, discussed the challenges and possible solutions in an interview with CNBC Africa. Adebajo highlighted the key issues facing Nigeria, including the revenue crisis, the need for macroeconomic stability, and the impact on poverty levels. The World Bank estimates that about five million more Nigerians could fall into poverty this year. Adebajo emphasized the importance of prioritizing sectors like agriculture and services to help alleviate the economic downturn. The interview also delved into fiscal policy recommendations and the challenges of funding the 2020 budget amid declining revenues. Adebajo stressed the need for strategic spending in healthcare and economic policies to steer the country towards recovery. The road ahead for Nigeria is fraught with challenges, but with the right policies and implementation, the country may be able to navigate through this turbulent period.
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