Minister of Finance and Economic Planning, Zaina Ahmed, has told Nigerians to prepare for economic recession if the coronavirus pandemic persists longer than six months.
She made this known when she appeared on Channels TV on Friday March 27.
“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.
The Minister has during the week met with national assembly leadership on the need to prioritize spending as crude oil has fallen to 26 dollars per barrel.
Nigeria last entered into recession shortly after President Muhammadu Buhari took over in 2016 and it last for about six months.