Nigeria’s Minister of Finance, Zaina Ahmed, has said the country will go into recession if the Coronavirus pandemic persists longer than six months.
Zaina Ahmed shared this during her appearance on Channels TV on Friday March 27. She is quoted to have said;
“We are hopeful that this pandemic will be limited in time. If it is an average of three months, we should be able to close the year with positive growth. But if it goes longer than that – six months, one year – we will go into recession.” she said.
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As at 11:55 pm on Friday, March 27, 2020, NCDC announced that Nigeria has 81 confirmed cases of the new Coronavirus (Covid-19). The numbers have been increasing since the index case was identified.
However, The Monetary Policy Committee (MPC) on Tuesday ended its two-day meeting with a strong warning that Nigeria’s economy risks slipping into another recession if there is no synergy between monetary and fiscal policies to ensure macroeconomic stability.
Noting current challenges to growth to include rising inflation and pressure on external reserves as a result of capital flow reversals, the committee opted to continue tightening monetary policy by retaining all fundamentals.
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