Nigeria’s economy could shrink as much as 8.9% in 2020 in a worst-case scenario without stimulus, a deeper recession than forecast after oil prices plunged due to the coronavirus pandemic. The contraction could reach 4.4% in a best-case scenario, without any fiscal measures.
The pandemic and an oil price plunge have not only hit growth but also dented the state’s main source of income, creating large financing needs and weakening the naira.
Source : Reuters Africa
