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Nigeria heads for recession as coronavirus takes toll

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Nigeria's government expects the economy to shrink nearly 9% in 2020

A man counts naira banknotes at a market in Abuja, Nigeria. Picture: REUTERS/AFOLABI SOTUNDE

The continent's top oil producer faces its worst economic crisis in four decades in the wake of an oil price war between Russia and Saudi Arabia at the start of the year, and the pandemic, which hurt demand for its main export commodity which provides 90% of foreign exchange earnings. It would be the second quarter of negative growth after the economy contracted by 6% in the second quarter of 2020.

The International Monetary Fund has said it sees Nigeria’s GDP falling 5.4% in 2020, and the government has said the economy may shrink by as much as 8.9%.

 

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