The Federal Government has spoken of the likelihood of Nigeria sliding into another recession in the third Quarter of 2020, making it the second time within four years.
The government said the COVID-19 pandemic resulting in crash of global oil prices among other economic factors had adversely affected the nation’s economy, with the Gross Domestic Product growth for Q2 most likely to be negative.
The Minister of State for Finance, Budget and National Planning, Clement Agba, said this in Abuja at the beginning of a five-day interactive session on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The event was organised by the House of Representatives’ Joint Committee on Finance; Appropriation; National Planning and Economic Development; and Aids, Loans and Debt Management.
The World Bank had in July warned that the collapse in oil prices resulting from COVID-19 pandemic was expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.
The global bank stated this in its latest Nigeria Development Update.