Ebola: Nigeria and other West African countries will lose a combined sum of $40bn

The International Monetary Fund says Nigeria and other West African countries will lose a combined sum of $40bn in their Gross Domestic Products if governments fail to curtail the dreaded Ebola Virus Disease on time.

According to IMF’s latest World Economic Outlook released on Tuesday, sub-Saharan Africa’s economic growth remains strong and should accelerate to 5.8 per cent in 2015 but if the Ebola outbreak in its western corner is protracted or spreads it will have “dramatic consequences” for the zone.

The Fund said Africa should repeat 2013’s growth rate of 5.1 per cent this year and then accelerate in 2015 as infrastructure investments boost efficiency and the service sectors and agriculture flourish.

The 2015 forecast was an improvement on the 5.5 per cent growth for the overall region projected by the IMF in April.

“This overall positive outlook is, however, overshadowed by the dire situation in Guinea, Liberia, and Sierra Leone, where the current Ebola outbreak is exacting a heavy human and economic toll,” the report’s Sub-Saharan Africa section said.

“Should the Ebola outbreak become more protracted or spread to more countries, it would have dramatic consequences for economic activity in the west African region,” the IMF added.

In a separate report, the World Bank said that without a scaled-up response, transportation, cross-border trade, supply chains and tourism in West Africa could be “severely disrupted”, costing the region as a whole tens of billions of dollars.
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