Ecosystem collapse: Nigeria’s economy may decline by $139bn in 2030, says World Bank

The World Bank says Nigeria’s gross domestic product (GDP) may decline by $139 billion in 2030 on the back of a collapse in ecosystem services.

The Washington-based 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, adding 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 per cent annually and 6.5 per cent respectively.

 

The World Bank also added that Nigeria is one of the worst affected countries including China, India Brazi and Indonesia.

“The worst affected country is China, which sees its GDP drop by $943bn in 2030, followed by India (-$193bn), Brazil (-$150bn), Indonesia (-$144bn) and Nigeria (-$139bn),” 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.”