Publication:
Nigeria Development Update, December 2020: Rising to the Challenge - Nigeria's COVID Response

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dc.contributor.authorWorld Bank
dc.date.accessioned2020-12-14T15:53:39Z
dc.date.available2020-12-14T15:53:39Z
dc.date.issued2020-12
dc.description.abstractThis report highlights how the COVID-19 (coronavirus) crisis has impacted Nigeria’s economy. In 2020, Nigeria’s economy is expected to experience its deepest recession since the 1980s due to the COVID-19-related disruptions, notably lower oil prices and remittances, enhanced risk aversion in global capital markets, and mobility restrictions. In the baseline scenario—which assumes further macroeconomic reforms and a gradual recovery in oil prices—Nigeria’s gross domestic product (GDP) is projected to contract by about 4 percent in 2020, growing modestly by 1.1 percent in 2021, and then recovering gradually towards the estimated population growth rate of 2.6 percent. With the rate of economic growth remaining below the population growth rate, per-capita incomes would continue declining and better full-time jobs will be much harder to find. This edition of the Nigeria Development Update takes stock of the recently implemented reforms and proposes policy options to both mitigate the impact of COVID-19 and foster a resilient, sustainable, and inclusive recovery. Managing the current crisis while strengthening the institutional and policy framework will require carefully sequenced reforms implemented over the immediate- and near-term. Robust mitigation and recovery policies would be based on five pillars: 1. Managing the domestic spread of COVID-19 until a vaccine is distributed; 2. Enhancing macroeconomic management to boost investor confidence; 3. Safeguarding and mobilizing revenues; 4. Reprioritizing public spending to protect critical development expenditures; and 5. Supporting economic activity and access to services and providing relief for poor and vulnerable communities.en
dc.identifierhttp://documents.worldbank.org/curated/en/152691607607461391/Rising-to-the-Challenge-Nigerias-COVID-Response
dc.identifier.doi10.1596/34921
dc.identifier.urihttps://hdl.handle.net/10986/34921
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectRECESSION
dc.subjectFOOD PRICES
dc.subjectEXTERNAL SECTOR
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectFISCAL TRENDS
dc.subjectMONETARY POLICY
dc.subjectEXCHANGE RATE
dc.subjectECONOMIC OUTLOOK
dc.subjectSOCIAL PROTECTION
dc.subjectHEALTH SYSTEM RESPONSE
dc.subjectEDUCATION
dc.subjectGENDER GAP
dc.subjectMIGRATION
dc.subjectYOUTH EMPLOYMENT
dc.titleNigeria Development Update, December 2020en
dc.title.subtitleRising to the Challenge - Nigeria's COVID Responseen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2020-12-10
okr.date.doiregistration2025-05-07T12:31:26.214044Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/152691607607461391/Rising-to-the-Challenge-Nigerias-COVID-Response
okr.guid152691607607461391
okr.identifier.externaldocumentum090224b0880a9e21_1_0
okr.identifier.internaldocumentum32655784
okr.identifier.report154920
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/152691607607461391/pdf/Rising-to-the-Challenge-Nigerias-COVID-Response.pdfen
okr.region.administrativeAfrica
okr.region.administrativeAfrica Western and Central (AFW)
okr.region.countryNigeria
okr.topicEducation::Educational Policy and Planning
okr.topicGender::Gender and Economic Policy
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicHealth, Nutrition and Population::Health Policy and Management
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Inequality
okr.topicPoverty Reduction::Poverty and Health
okr.topicSocial Protections and Labor::Social Protections & Assistance
okr.topicPoverty Reduction::Migration and Development
okr.unitEquitable Growth, Finance and Institutions Global Practice
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