Nigeria In Dire Straits As Finance Minister Predicts Full Recession For Economy
Related: Covid-19 Economy: Nigerian Senate Considers N10.51trn Revised Budget For 2020
As if the writing wasn't already on the wall for all to see, Nigeria's Minister of Finance, Zainab Ahmed has predicted the inevitable, namely that Nigeria's economy is heading for a full recession.
The Minister revealed this gloomy fact yesterday while speaking to state house correspondents shortly after attending the National Economic Summit meeting in Abuja.
She pointed out that COVID-19 had resulted in the collapse in oil prices and that the impact had already started showing on the federation’s revenues and on the foreign exchange earnings which have dropped by 31 per cent.
She further shared:
“The crisis will only multiply this misery. The economic growth in
Nigeria, that is the GDP, could in the worst case scenario, contract by as much
as –8.94% in 2020."
People better get ready to tighten their belts.