Home Economy Coronavirus: Nigeria soon to relapse into recession, says Finance Minister

Coronavirus: Nigeria soon to relapse into recession, says Finance Minister

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has warned that the Nigerian economy may slide into recession if the coronavirus pandemic continues for the next six months.

She stated this during her appearance on Channels Television’s Politics Today where she spoke on steps being taken by the government cushion the impact of the pandemic on the nation’s economy.

She said, “We are hopeful that this pandemic will be limited in time. If it is an average of three months, we should be able to close the year with positive growth.

“But if it goes longer than that – six months, one year – we will go into recession.”

This came as the International Monetary Fund said the global economy has entered recession over the ravaging impact of the COVID-19 on different countries.

The Managing Director, IMF, Kristalina Georgieva, who said this while making an opening remark during a conference call of the International Monetary Fund and Financial Committee, declared that no fewer than 80 countries had approached the Fund for help.
SOURCE:Punch

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