World bank says Nigeria will fall into Recession

Lagos State 

 The world Bank has just predicted that Nigeria and the countries around it will fall into recession after the corona virus pandemic toll.

Since the president of Nigeria President Muhammadu Buhari has enforced the lock down in the states of Nigeria,sales of Nigeria oil has fallen,major businesses in the economic hub of the nation Lagos risk high losses after the lock down.

Due to the update that has hit the nation's former struggling economy,the World Bank has done some analysis,which made them predicts the fate that awaits the Nigeria economy after the virus has taken it toll on the nation.

According,to the world bank forecast sub-sahara countries,the economy will contract 2.1% to 5.1% from the nations growth of 2.4% last year,the corona virus will cost the sub-Saharan African countries $37 billion to $79 billion in output losses due to trade disruption,value chain disruption and other factors included. 

    The vice president of world bank to Africa said;
"the Covid-19 pandemic is testing the limits of societies and economies around the world,and African countries in particular are going to be hit very hard".

Real Gross domestic product is projected to plunge in Nigeria,South Africa, and Angola,it also predicts the African food security will reduce,while in a statement  the bank said that the imports of food would decline due to higher transaction cost and low domestic demands.

According to the world bank lead economist and lead author of the reports said that there would be need for some of debt release from bilateral creditors to secure the equipment urgently needed to combat the covid-19 pandemic and help manage and maintain macroeconomic stability in the region.