McKinsey projects 3.4% contraction for Nigeria economy in 2020
Even if Nigeria is able to contain the outbreak of coronavirus, the economy could still go on to contract by as much as 3.4 percent in 2020 as global oil prices tumble, according to estimates by global consulting firm, McKinsey & Company.
That would be a growth decline of almost 6 percentage points from the country’s 2.27 percent GDP growth in 2018.
“That would represent a reduction in GDP of approximately $20 billion, with more than two-thirds of the direct impact coming from oil-price effects, given Nigeria’s status as a major oil exporter,” McKinsey & Company said in a report published Wednesday.
COVID-19: To avoid health disaster Nigerian doctors urge full compliance with lockdown
While the special centres springing up in Lagos to manage the deadly coronavirus might be empty today as total number of confirmed cases in Nigeria remain below 200 doctors fighting the virus outbreak are warning against letting down guards in delusion as the worst may still be ahead of the country.
Lagos, Nigeria’s commercial capital, began a 14-day lockdown only on Monday and residents have been caught flouting the stay at home order or are complaining, but one senior doctor at the centre of battle to contain hthe debilitating disease told BusinessDay in Lagos that the level of compliance with the lockdown still needed to be raised.
Working with a population of 20 million in Lagos, if we assume that 0.1 percent of this may become infected, that will give us something like 200,000 cases in Lagos alone,” the cautioned.
Rising community transmission of COVID-19 strengthens case for social distancing
New cases of coronavirus infections being recorded in Osun, Ekiti and other states indicate that community spread is rising in Nigeria, underscoring the increased need for social distancing which some government activities may even compromise.
Akin Abayomi, Lagos State commissioner for health, while briefing journalists on March 31 said that cases of community transmission were rising.
Community transmission means people have been infected with the virus in an area, including some who are not sure how or where they become infected, says the United States Center for Disease Control (CDC).
23 new cases of coronavirus brings Nigeria’s total to 174
Nigeria has recorded Twenty-three new cases of Covid-19 (Coronavirus), this brings the total number of confirmed cases to 174.
The Nigeria Centre for Disease Control confirmed this Wednesday night on its Twitter handle.
Of the new cases, 9 are in Lagos, 7 in the FCT, 5 in Akwa Ibom, 1 in Kaduna and 1 in Bauchi State, NCDC disclosed as at 08:00 pm 1st April.
UK experts urge Nigeria Nigeria to prepare for a big hit in a prolonged recession
Members of a webinar panel of experts organised by the Financial Times Wednesday said Nigeria would take a big hit from the current collapse in oil price and the prolonged recession that would follow the deadly coronavirus pandemic that has gripped economies of the world.
The panel was asked to examine how deep the economic recession would be and whether countries of the world were putting up the right response.
The panel moderated by Chris Giles, the FT’s economic editor, was composed of Lord Adair Turner, former chair of the UK Financial Services Authority, Rain Newton Smith, chief economist of the British Confederation of Industry, and Martin Wolf, the FT’s chief economics commentator.
