Just in: Nigeria's Economy Without Doubt Will go into Recession.... Zainab Ahmed

Nigeria is one of the Countries hardest hit in West Africa by Coronavirus outbreak leading to a sharp drop in oil prices globally, a revenue that makes up Over 90 percent of its Exports.

An assessment of this Development by the Nigeria Bureau of Statistics suggests that Nigeria's economy will go into a recession at an average of -4.4 percent .

This was revealed by Finance Minister Zainab Ahmed while addressing Journalists after the National Economic Council meeting on Thursday.

Read more:Nigeria in Top list as Africa's Covid-19 Cases hit 86,000...WHO

The Country' s economy goes into recession when its Gross Domestic Product (GDP) reduces for two consecutive quarters. Nigeria GDP figure for the first quarter of 2020 is yet to be released.

Ms Ahmed's statement is an indication that the Nigeria's GDP would reduce for the first quarter of 2020 and reduce further for tue second quarter indicating an official recession.

However, with the work that the economic accessibility committee is doing, if we apply all this plan being proposed and implement bit we may end up with a recession that is -0.4 percent . In any case we will go into recession but what we are trying to do is to make sure that it is shallow so that we will quickly come out of it come 2021. Ms Ahmed reported.

Premium times#

Post a comment