The Punch

Nigeria’s GDP may decline by $139bn in 2030 –W’bank

- STEPHEN AGWAIBOR

Anew World Bank report estimates that the collapse of ecosystem services provided by nature including wild pollinatio­n, food from marine fisheries and timber from forests could result in Nigeria’s GDP declining by $139bn in 2030.

The report titled ‘The economic case for nature’ underscore­d the strong reliance of economies on nature, particular­ly in low income countries.

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.

Nigeria which is regarded as a lower-middle income economy by the World Bank is expected to be among the worst-hit countries.

The report reads, “In absolute terms, the greatest losses of GDP are expected in middle-income countries.

“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 projected loss in GDP signifies a permanent reduction of the productive potential of the economy, with potentiall­y longlastin­g effects on incomes and employment.”

The report also disclosed that Nigeria’s fisheries output is projected to contract by 21 per cent or $4.6bn for the same time period.

Reacting to the report, World Bank Group President, David Malpass, said, “Nature-smart policies and reforms including agricultur­al subsidy reform and investment­s in agricultur­al innovation enhance biodiversi­ty and economic outcomes.

“As countries seek to recover from the COVID-19 pandemic, it’s important that economic developmen­t improves outcomes for nature.”

World Bank Lead Environmen­tal Economist and co-author of the report, Giovanni Ruta, said, “It is a combinatio­n of policies that shows the greatest win-win for both biodiversi­ty and for economies.”

Adding investment in research and developmen­t to the policy mix was particular­ly important and beneficial to developing countries, he added.

 ??  ?? • L-R: Group Head, Commercial Banking (Lagos), First City Monument Bank, Mr Edward Nwodo; Managing Director, Mikano Internatio­nal Limited, Mr Firas Mamlouk; a Customer of FCMB, Mrs Afolashade Fasuga; and Deputy Managing Director, Mikano, Mr Lukmon Jouni, at the inaugurati­on of the new Geely Automobile SUV in partnershi­p with Mikano Limited in Lagos... on Thursday. Photo: FCMB
• L-R: Group Head, Commercial Banking (Lagos), First City Monument Bank, Mr Edward Nwodo; Managing Director, Mikano Internatio­nal Limited, Mr Firas Mamlouk; a Customer of FCMB, Mrs Afolashade Fasuga; and Deputy Managing Director, Mikano, Mr Lukmon Jouni, at the inaugurati­on of the new Geely Automobile SUV in partnershi­p with Mikano Limited in Lagos... on Thursday. Photo: FCMB

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