Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed has announced that the Nigerian economy will experience another recession in 2020.
The finance minister however expressed optimism that the effect of the impending recession can be controlled by economic stimulus plans are activated by the Federal and State Governments.
Zainab Ahmed told journalists after the meeting of the National Economic council on Thursday that the COVID-19 be pandemic has had a serious impact on global crude oil prices which has affected government revenues negatively.
Ahmed noted that the World Bank was ready to help state governments with $1.5bn as an economic stimulus package to help cushion the economic effects of the pandemic in the country.
“The World Bank maintains that the impact of the COVID-19 on Nigeria will lead to severe amplified human and economic cost, which will move the country into a recession.
She said the implementation of the state economic stimulus package to states will be accelerated so distribution can occur by September.