Reasons Why Nigeria May Face Another Economic Recession...Minister for Finance Reviews

Nigeria Minister for finance
According to the minister of finance, Zainab Ahmed, who spoke at the opening of a five-day interactive session on the 2021-2023 Medium Term Expenditure Framework, MTEF, said that the country may likely face another round of Economic Recession if they do not achieves a very strong third quarter 2020 economic performance.

The Minister, in Abuja also disclosed that the ongoing covid19 pandemic has caused many though situations in the terms of Nigeria foreign exchange which has badly affected the economic growth  of the country.

He also noted that Nigeria is loosing there foreign portfolio investors as a result of the recent developed strong feeling of not liking Nigeria Stuffs in the global capital market by the investors and this is putting more pressure in the foreign exchange market.

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The minister in his own suggestions said that if only Nigeria can achieve a very strong Q3 2020 economic performance, they will be able to escape the second Economic Recession and otherwise, they will lapse in another Recession for four good years with some bad consequences.

The Central Bank of Nigeria has recently made some adjustments in the official exchange rate to N378 due to the development affecting the supply of foreign exchange to country's economy.

Although the outbreak of coronavirus has affected some domestic economic activities in the country, both in taxation and other governmental revenue generation activities in the country, but in the minister's own view said that disruptions in global trade and logistics would also negatively affect customs duty collections in 2020 and has suggested that something needs to be done about it.

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