Nigeria at risk of second recession, FG warns | The Nation Nigeria

The Federal Government said on Thursday that unless the country achieves a strong third quarter economic performance in 2020, the country stands the risk of going into a second recession with significant adverse consequences.

Agba admitted that the Nigerian economy faced serious challenges in the first half of 2020 with the microeconomic environment significantly disrupted by the COVID-19 pandemic. He said further that Nigeria is currently exposed to spikes in risk aversion in the global capital markets, which will put further pressure on the foreign exchange market as foreign portfolio investors exit the Nigerian market.

He said further that over the past 5 years, actual revenue performance averaged 61.4%, adding that some government reforms are yielding positive results, with significant improvements between 2018 & 2019, saying “we believe we can do more to improve revenues, especially remittances from Government Owned Enterprises, possibly up to N1 trillion p.a.

He said further that the World Bank has projected that crude oil prices will rise gradually from an average of US$42 pb in 2021 to $44.5 pb in 2022, and US$47 pb in 2023, while EIA expects Brent crude oil prices to average $41 pb during the second half of 2020 and $50 pb during 2021, reaching $53 pb by the end of 2021.

He explained further that fiscal measures are being instituted to improve government revenue and entrench a regime of prudence with emphasis on achieving value for money aimed at keeping the economy active through carefully calibrated regulatory/policy measures designed to boost domestic value addition, de—risk the enterprise environment, attract external investment and sources of funding, among...

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