#Coronavirus: Nigeria heading towards economic depression, not recession - Economists

Answering questions through Skype in a television programme monitored in Abuja on Friday, the Finance Minister said the Nigerian economy risks sliding into another recession if the current Coronavirus pandemic continues beyond the next six months.

He said with the current lockdown in the economy as a result of the stay-at-home order by the government for two weeks to curtail the spread of the deadly Coronavirus pandemic, the next Gross Domestic Product report by the National Bureau of Statistics would report a drop. “We planned to grow by about 2 per cent this year. Now, everything has come to a halt. Nobody is producing. Everybody has locked down because of Coronavirus,” he said.

“Multiply that with 30 days of the month, that translates to a loss of about $12 billion, to be deducted from the country’s GDP every month. So, it is clear, we cannot escape recession. “So, if we say everyone should stay at home, and we cannot even guarantee something very basic as power supply, how can we survive? Although those generating power are classified among those providing essential services, where is the means to pay for the power they generate if people are not working?

That's the truth

CORRECTION Oga Economists: The whole world heading into depression not just Nigeria

That will be so bad

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