'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.'
An assessment by the Nigeria Bureau of Statistics indicates that Nigeria’s economy will go into a recession at an average of -4.4 per cent, the finance minister, Zainab Ahmed, has said.“The National Bureau of Statistics has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%.
“And if we applied all that have been proposed and we are able to implement it we may end up with a recession that is -0.4 per cent. 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,” Mrs Ahmed said.
Nigeria also closed a large part of her economy to prevent the spread of the coronavirus. All its airports are still closed except for essential flights while businesses are only partially reopened.
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