The finance minister, Zainab Ahmed, has announced that Nigeria will go into an economic recession due to the COVID-19 pandemic and fall in oil prices.
Ahmed made this disclosure while speaking to reporters after the National Economic Summit meeting in Abuja on Thursday.
According to the minister, “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 per cent.
“But with the work that the Economic Accessibility Committee is doing bringing stimulus packages, we believe that we can reduce the impact of that recession.
“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.”
She added that “this is a very difficult time because the challenges we have now are double. There is health challenge, there is an economic challenge. Even as we are addressing the current health challenge, we still have to look at how we can support the economy so that the economy does not fall into a depression.
“We have to feed the people and you can only feed the people if people go out and farm. We are a very large population, we don’t want to take the risk and we don’t have enough fund to cushion the effect.”
