Nigeria Faces Severe Economic Impact If Unrest Persists

Financial analysts at Cordros Research have said that the economic impact of the COVID-19 pandemic is likely to be more severe if the current unrest and curfews persist beyond October. The country has been facing major protests against police brutality that has forced some state governments to impose curfews to ease the tension and restore law and order. This has added pressure to the slow recovery process predicated on the persistent foreign currency constraints, improved compliance with OPEC oil production cuts, and general low level of business activities.  In August, Nigeria's economy witnessed it's biggest decline in 10 years. The country last suffered a recession in 2016.




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