Lanre Peter

In May, the National Bureau of Statistics (NBS) published its Nigerian Capital Importation first-quarter Report, which revealed that Nigeria received $5.85 billion capital inflows in the first quarter (Q1) of 2020. 

According to the NBS, the $5.85 billion represents over fifty percent increase when compared to what Nigeria received in the fourth quarter of 2019. However, when compared to the corresponding first quarter period of 2019, the investment flow into Nigeria shows a 31.19% decline.

Africa was in a critical stage of implementing the African Continental Free Trade Agreement (AfCFTA) before the pandemic struck.

As at the time of writing this, there are 22,333 confirmed coronavirus cases in Africa and 1,125 coronavirus deaths.

When compared to cases in other countries, these figures show that the health crisis does not so severely hit Africa nations, yet, the implications on its economy are grave and catastrophic. 

For the first time in 25 years, sub-Saharan Africa is about to go into recession, according to World Bank estimates. Following 2.4 percent growth last year, the forecast for 2020 is between -2.1 and -5.1 percent as the economy contracts.  

Nigeria, Africa`s biggest economy and the world`s most populous black nation recently conducted its 2019 general elections which saw the incumbent President Muhammadu Buhari re-elected, although not without a fight from his main opposition Atiku Abubakar a business tycoon and former vice president.