Coronavirus Toll Increases in Nigeria Amidst Plans to Request Funding from International Lenders.

Coronavirus Toll Increases in Nigeria Amidst Plans to Request Funding from International Lenders.

Coronavirus Toll Increases in Nigeria Amidst Plans to Request Funding from International Lenders.
Coronavirus Toll Increases in Nigeria Amidst Plans to Request Funding from International Lenders.


The novel case of the epidemic of COVID-19 in Nigeria was reported on 27 February 2020, when an Italian citizen in Lagos tested positive for the infection, brought about by SARS-CoV-2. On the 9th of March 2020, a second case of the infection was accounted for in Ewekoro, Ogun State, a Nigerian resident who had contact with the Italian resident. And since then the case toll has kept on increasing. Nigeria records 91 new coronavirus cases, the total amount of cases now in Nigeria is 1273, as reported by the NCDC.

 

For most developing economies, the chances of slipping into a downturn are increasingly expected as the worldwide coronavirus epidemic shrinks the economy. In the contextual case of Nigeria, the nation is still languidly recuperating from the 2016 financial downturn which was a drop out of worldwide oil price crash and inadequate foreign exchange earnings to match imports. In the soul of economic recuperation and development sustainability, the Nigerian government spending plan for the 2020 fiscal year was set up with huge income desires however with contestable accomplishment.

 

The rise of COVID-19 and its expanding frequency in Nigeria has called for intense review and changes in the previous income expectation and fiscal projections. Contrasted with occasions that prompted the downturn in 2016, the present condition of the worldwide economy posses more challenges ahead as the price of oil is currently beneath US$30 with projections that it will plunge further passing by the price war among key players in the business. Tragically, the country has underachieved in saving adequate cushions for stormy days, such as it bears in the imminent days.

 

Early this month, Nigeria intended to raise as much as $6.9 from international lenders including the World Bank, the African Development Bank, and the Islamic Development bank to help offset the shock of coronavirus on the economy. Nigeria, whose revenues have dwindled with the fall in oil prices, asked for $3.4bn from the International Monetary Fund, $2.5bn from the World Bank, and $1bn from the African Development Bank.

 

The solicitations are a piece of a more extensive discussion over debt relief. In any case, analysts say such alleviation will be a test as it requires winning endorsement from a divergent cluster of banks and creditors. The IMF, which has gotten demands for help from around 80 countries including 20 from Africa, is making about $50 billion accessible from its crisis financing facilities to assist nations with adapting to the epidemic. The World Bank has endorsed a $14 billion response package.

 

Nigeria’s coronavirus cases expanded to 1273 on Sunday 26th of April, 2020 with a single day revelation of 91 new cases affirmed by the Nigeria Center for Disease Control. Lagos has the most elevated number of affirmed cases on Sunday night with 43 cases. While the spread of the infection increases in Sokoto State, with the state recording eight new cases.

 

Taraba State recorded six new cases, while Kaduna and Gombe recorded five new cases each. Three new cases were affirmed in Ogun, Edo, Oyo, Rivers, Bauchi, and Nigeria’s capital city Abuja. Osun recorded two new cases, and Bayelsa, Ebonyi, and Kebbi recorded one case each.

 

 

 

The virus that causes COVID-19 is mainly transmitted through droplets generated when an infected person coughs, sneezes, or exhales. These droplets are too heavy to hang in the air and quickly fall on floors or surfaces. You can be infected by breathing in the virus if you are within proximity of someone who has COVID-19, or by touching a contaminated surface and then your eyes, nose, or mouth.

 

 

According to the Nigerian Minister of Finance Zainab Shamsuna Ahmed, “the loan will not be tied to any conditionalities.” but on the contrary, even if that is so, the Nigerian economy has been characterized by high levels of public debt along with persistently low economic growth. The Nigerian government uses about a quarter of its budget to pay for debts, compared with 5% for health-care spending, according to Finance Ministry data. This gives rise to the imagination of what post-COVI-19 would look like in Nigeria, as regards the nation’s economy.

 

 

-WINSALA Gbotemi.

Staff Writer, Eagle Global Markets.

 

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2 Comments to “Coronavirus Toll Increases in Nigeria Amidst Plans to Request Funding from International Lenders.”

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Keep it up sir

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