COVID-19: Nigeria Is Heading Towards Recession – Minister Of Finance

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Ms Ahmed made the comments following Thursday’s National Economic Summit in Abuja.

“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.

The economic contraction will multiply the poverty of the poor, she added.

“That misery will only multiply the crisis,” she said. “In the worst case scenario, Nigeria’s economic development, which is the GDP, could contract by as much as – 8.94 per cent in 2020. Even in the best case, which is the case that we are working on, if there is no fiscal stimulus, it will be a contraction of -4.4 per cent. Yet this contraction can be mitigated with the fiscal stimulus package we are working on, so we could end up with a negative – 0.59 percent.

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