CBN strategizes for COVID-19 second wave, fixing economy (Daily Trust)

Daily Trust (Nigeria) published an article stating that the Nigerian GDP had a second consecutive quarter of a downturn no thanks to the COVID-19 pandemic which saw the federal government adopting several measures which included a lockdown of Lagos, Ogun as well as the Federal Capital Territory, leading to the disruption of the movement of goods and services as well as production. In a recent IFPRI paper, COVID-19 lockdowns are imposing substantial economic costs on countries in Africa, analyzed the economic impacts of the COVID-19 pandemic, estimate that during the lockdown periods, Nigeria’s GDP suffered a 34.1 percent loss due to COVID-19, amounting to USD 16 billion, with two-thirds of the losses coming from the services sector.