Nigeria’s economy is projected to contract in the second quarter of 2020 due to the six weeks lockdown on some parts of the country, Nigeria Employers’ Consultative Association has said.
It stated that the slowdown in the GDP growth reflects the earliest effects of the disruptions on non-oil economy, coupled with an escalating war of words between the U.S. and China which resulted into low demand in global oil. “We anticipate contraction in the second quarter, as the economy witnessed a 6week’s lockdown on the commercial nerves of the country, and similar trend witnessed in global economy, except China, whose consumption of fuel due to opening of industrial hubs and transportation could portends mild positive growth pattern due to demand for crude oil.”
“There is the need for the Fiscal and Monetary authorities to develop a more aggressive and decisive policies to sustain an economic recovery in the wake of further low oil prices. We believe that a more coordinated stimulus packages targeted at the worst-hit sectors of the economy would sustain the economy from experiencing contraction of 8.9% as predicted.”
The Nigerian govt should have known they are supposed to boost other resources, oil did not start falling today..
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