The Vice President Yemi Osinbajo-led Nigeria Economic Sustainability Plan 2020, commissioned under a presidential committee, has been released. This report was produced to evaluate how to mitigate the paralysis which Covid-19 has brought to the Nigerian economy. The outlook is extremely depressing. Download the report here (pdf).
Non-oil revenue, largely made up of taxes, has also practically dried up. This is because, like several economies around the world, Nigeria is faced with paralysis of economic activities due to lockdown measures in the Federal Capital Territory and the key commercial and industrial centres of Lagos, Ogun and Kano States. In addition, several other State Governments took similar steps to slow the spread of COVID-19 in their respective territories. These have cumulatively resulted in supply chain disruptions, suspension of commercial activities and large-scale job losses.
Click to join Tekedia Capital and build Next Africa with min of $10,000 co-investment in startups.