The Minister of Finance, Zainab Ahmed has warned of yet another recession if the deadly coronavirus pandemic lasts beyond six months.
Speaking on ChannelsTV, Mrs Ahmed stated that the country, like the rest of the world, will go into recession if the coronavirus pandemic goes beyond six months.
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.”
Nigeria recently became Africa’s biggest economy after South Africa went into recession.
But with oil price on its knees and the near erosion of aggregate demand occasioned by the coronavirus pandemic, the country risks falling into negative growth for the second time in three years.
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