The World Bank has said that Nigeria’s GDP may decline by $139 billion in 2030 on the back of a collapse in ecosystem services.
The apex Institution in its latest report, “Economic Case for Nature”, said that the loss in GDP could cause a permanent reduction of the country’s potential productive economy.
It added that it may affect Nigeria’s income and unemployment rate. 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 percent annually and 6.5 percent respectively.
Also, the World Bank added that Nigeria is one of the worst affected countries including China, India, Brazil, and Indonesia.
“The worst affected country is China, which sees its GDP drop by $943 billion in 2030, followed by India (-$193 billion), Brazil (-$150 billion), Indonesia (-$144 billion) and Nigeria (-$139 billion),” the report reads.
“The projected loss in GDP signifies a permanent reduction of the productive potential of the economy, with potentially long-lasting effects on incomes and employment. “As countries seek to recover from the COVID-19 pandemic, it’s important that economic development improves outcomes for nature”, the report reads