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Nigeria Gets U.S.$1.5 Billion Covid-19 Recovery Stimulus Package

To try and avert a drastic decline in economic growth, the World Bank Group has approved a U.S.$1.5 billion dollars package to help build a resilient recovery post-COVID-19 in Nigeria. Nigeria is at a critical juncture and with the sharp fall in oil prices as a result of the pandemic. Lockdowns froze economic activities, causing job losses and supply chain disruptions.  Rising insecurity, border closure, increases in value added tax, fuel price, electricity tariffs and exchange rates have increased inflation rate. The country is bracing for a second wave, and the  government has ordered the reopening of all isolation and treatment centres in the country.

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