Nigeria’s economy may be heading into a recession due to the negative impacts of the COVID-19 pandemic on crude oil prices.
Minister of Finance, budget and national planning, Zainab Ahmed announced this on Thursday after a meeting of the national economic council meeting.
Zainab Ahmed however projected that the extent of the recession can be mitigated if the economic stimulus plans are implemented.
“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,” She said.
Ahmed, however, announced that the World Bank has a proposal of $1.5 billion to states as part of the economic stimulus to cushion the impact of the pandemic.