The World Bank (WB) has announced that Nigeria’s current recession might last for three years if appropriate steps are not taken by the government.
The World Bank through its Country Director, Shubham Chaudhuri, disclosed this in a statement on Thursday.
“The pace of recovery in 2021 and beyond remains highly uncertain and subject to the pace of reforms. Pandemic is disproportionately affecting the poor and most vulnerable, women in particular,” he said.
“In the absence of measures to mitigate the impact of the crisis, the number of poor could increase by 15 to 20 million by 2022,” he added.
He also noted that the “average Nigerian could see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.”
