The World Bank says Nigeria’s per capita income could fall in 2020 to its lowest level in 40 years and the bank also raised concern about the debt service cost being incurred by the Nigerian government.
The Bank’s Country Director for Nigeria, Mr Shubham Chaudhuri, noted that the decline in crude oil prices had dramatically impacted government finances, the balance of payments and remittances from Nigerians living abroad.
According to him, Nigeria’s public debt to GDP is currently somewhere between 20 per cent and 30 per cent.
Chaudhuri, who spoke during a panel session at the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government said the country is still recovering from the last oil price shock of 2014-2016 before the COVID-19 crisis hit the economy.
He said between 2015 and 2019, 15 million young Nigerians came of working age but only about four million really found the kinds of jobs and opportunities they aspired for.