Sunday, September 19, 2021

World Bank alerts on decline of Nigeria’s GDP by $139bn in 2030

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A new World Bank report estimates that the collapse of ecosystem services provided by nature including wild pollination, food from marine fisheries and timber from forests could result in Nigeria’s GDP declining by $139bn in 2030.

The report:underscored the strong reliance of economies on nature, particularly in low income countries.

The report highlighted that Sub-Saharan Africa and South Asia would suffer the most relative contraction of real GDP due to a collapse of ecosystem services by 2030, 9.7 per cent and 6.5 per cent respectively.

Nigeria which is regarded as a lower-middle income economy by the World Bank is expected to be among the worst-hit countries.

The report also disclosed that Nigeria’s fisheries output is projected to contract by 21 per cent or $4.6bn for the same time period.

Reacting to the report, World Bank Group President, David Malpass said Nature-smart policies and reforms including agricultural subsidy reform and investments in agricultural innovation will enhance biodiversity and economic outcomes.