Nigeria’s economic recession is likely to last untill 2023.
This was revealed by the Wolrd Bank via its Nigeria Development Update (NDU).
The global financial body also projected that within this period, almost all Nigerian citizens will witness a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s
Apart from warning that, the absence of measures to mitigate the impact of the crisis can push the number of poor persons to by 15 to 20 million by 2022.
According to the international institution, “food insecurity has increased substantially and economic precarity is on the rise because unemployed workers have migrated to the low-productivity agricultural sector.”
In his recent submission, Shubham Chaudhuri, the bank’s country head for Nigeria, said that the nation is at a very crucial point, but that this situation can be averted if the federal government sustains its current economic reforms and implement the right policies.
As a way forward, Chaudhuri noted that Nigeria can drop business as usual and put to use its human, capital, and mineral resources. On his part, Marco Hernandez, a co-author of the report, stated that Nigeria can maintain the pace of its reforms to halt the spread of coronavirus, stimulate the economy, and help the private sector to engineer economic growth through job creation.
Hernandez added: “It can also redirect public spending from subsidies that benefit the rich towards investments in Nigeria’s people and youth in particular, and lay foundations for a strong recovery to help make progress towards lifting 100 million people out of poverty.”
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