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World Bank forecast sharp fall in Nigeria’s GDP

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The World Bank has estimated a possible fall in Nigeria’s real gross domestic product growth as one of the countries in sub-Saharan Africa affected by coronavirus outbreak.

According to report released, 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.

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.

“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 stated.

However, 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.

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

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