After Nigeria has been excluded from the $44 billion Covid-19 Vaccine Support Initiative by the World Bank, the country’s hope of economic recovery now hangs dangerously in a balance. Analysts say, its like between the Red Sea and the deep blue sea.
According to analysts, adopting strict measure such as banning flight from red zones and limiting social activities may cause Nigeria’s economic recovery in the second half of 2021 to drag by about 0.5 per cent. On the other hand, the cost of allowing a third wave of the pandemic may take the country back into a recession in the coming quarters if taken for granted.
Besides, the International Monetary Fund (IMF) also reported that much of the global supply of vaccine for 2021 has already been bought up by the Advanced Economies (AEs).
Last week, a report published by the International Monetary Fund (IMF) titled “Sub-Saharan Africa: We Need to Act Now”, as the issue raised may significantly affect the pace of Nigeria’s economic recovery if necessary measures are not taken.
The IMF has made a case for other multilateral organization and Advanced Economies to support Sub-Saharan Africa (SSA) countries in vaccinating about 30.0 per cent of its populace (either by supporting with funds or giving out vaccine from their stockpile) in 2021.
According to the report, the level of increase in the third wave of the COVID-19 infection cases in Sub-Saharan Africa (SSA) is faster than anywhere else in the world. This is not surprising to us given that vaccine rollout in SSA is estimated to be less than 5.0 per cent of the total population according to data from the World Bank.
