Nigeria’s Minister of Finance and Budget, Zainab Ahmed, has said that the country will go into recession if the deadly Coronavirus pandemic goes on for more 6 months.
Zainab Ahmed made this known during her appearance on Channels TV, before Nigeria’s case hits 81. She noted that if the pandemic lasts for 3 months, the country should be able to close the year with positive growth, but if not, the country will go into recession.
“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. Read also: Nigeria Is Now The Biggest African Economy As South Africa Slips Into Recession Meanwhile, the International Monetary Fund IMF had announced that the world is in a global recession and needs every nation to adopt the New Arrangements to Borrow (NABs). The IMF Chief, Kristalina Georgieva noted that there has been an extraordinary spike in requests for the organisation emergency financing as about 80 countries have placed requests and more are likely to come. This situation of having such handful of requests at the same time, according to her, has not been experienced by the IMF before.