Nigeria Is Heading Towards Recession – Finance Minister
The nation’s finance minister, Zainab Ahmed, says the coronavirus pandemic and falling oil prices is set to force the economy into negative growth.“On the economy, COVID-19 has resulted in the collapse in oil prices,” she said.
“This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings. “Net oil and gas revenue and influx to the federation account in the first quarter of 2020 amounted to N940.91billion. This represented a shortfall of N125. 52billion or 31% of the prorated amount that is supposed to have been realized by the end of that first quarter.”“The crisis will only multiply this misery,” she said. “The economic growth in Nigeria, that is the GDP, could in the worst case scenario, contract by as much as –8.94% in 2020.
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