The Nigeria Economic Summit Group has projected that the country’s real GDP may drop by 4.1% while investments will drop by 39.4 percent this year.
The group’s latest projections for the economy was contained in its May 2020 report titled ‘Macroeconomic Outlook Update: COVID-19, Global Oil Price and The Nigerian Economy’.
Under the scenario, the economic think tank group also foresees government’s revenue plunging by 40% while inflation rate may rise to an all-high level of 15%.
Under its second scenario or ‘Business as Usual situation, in which global oil price averaged $20/barrel and Nigeria’s oil production per day remains at 1.3 million barrels, the nation’s real GDP may decline by 5.3% while investment and government earned revenue for the fiscal year will dip by 50% and 51%.
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