Covid-19: Nigeria might head into recession soon

The Minister of works and housing Babatunde Fashola has revealed that Nigeria will be in recession soon due to the coronavirus pandemic.

He, however, assured that Nigerian government was working towards bringing back the country’s economy.

The Minister also blamed the pandemic for the slow pace of work on the Lagos-Ibadan expressway.

He stated that the COVID-19 outbreak has affected construction activities and government revenue.

According to Fashola: “As I speak to you now, we have lost essentially the prime of our working period which is the dry season in the COVID-19 period.

We have also lost some of our expected revenue plans. At the time COVID-19 hit Nigeria, we were doing 2.59 percent growth rate.

ALSO READ  COVID-19: South Africa, Egypt, Morocco top list as Africa’s toll hits 27,000

“Now we are heading for a recession globally and Nigeria will not be insulated from that.

What are your thoughts?

%d bloggers like this: