Home Economy Nigeria’s Recession Could Last Up to 3 Years – World Bank Predicts

Nigeria’s Recession Could Last Up to 3 Years – World Bank Predicts

by Nwani Chisom
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According to reports reaching oyogist.com, the World Bank (WB) has hinted that the current economic woes in the country could last for an additional three years except economic reforms are sustained.

“In the next three years, an average Nigerian could see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s,” the latest World Bank Nigeria Development Update (NDU) released on Thursday said.

The Bank further stated “that this path could be avoided if progress in the current reforms is sustained and the right mix of policy measures is implemented.

“The report, titled: “Rising to the Challenge: Nigeria’s COVID response”, takes stock on the recently implemented reforms and proposes policy options to mitigate the impact of COVID-19 and foster a resilient, sustainable, and inclusive recovery.

“Nigeria is at a critical historical juncture, with a choice to make”, said Shubham Chaudhuri, World Bank Country Director for Nigeria.

He said further that: “Nigeria can choose to break decisively from business-as-usual, and rise to its considerable potential by sustaining the bold reforms that have been taken thus far and going even further and with an even greater sense of urgency to promote faster and more inclusive economic growth.”

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