Business Day (Nigeria) published an article stating shocks from the COVID-19 pandemic have hit Nigeria in a time when its absorbers are best defined as weak. One way will be to lessen the COVID-19 induced pressures on the Nigeria agricultural sector. IFPRI research shows the agriculture sector contracted by -14 percent in April/May 2020. Export crops such as sugarcane, beverage crops, export crops declined 47 percent, 45 percent and 58 percent respectively due to falling export demand and input supply disruptions. Without bold reforms, the macroeconomic implications of COVID-19 in 2020 and 2021 will be severe – including the loss of life, and the possibility of five million more Nigerians being pushed into poverty.
Fixing agriculture critical to economic rebound (Business Day)
July 14, 2020