IMF says Nigeria heading into worst recession in 30 years

• Nigeria’s economy to drop by 3.4%

The International Monetary Fund (IMF) on Tuesday said that Nigeria could be heading for its worst recession in three decades.

The economic downturn is one of the effects of the Coronavirus pandemic predicted by experts around the world.

According to the IMF, Nigeria’s economy will drop by 3.4 per cent in 2020 as a result of the COVID-19 pandemic.

The international organisation made the projection in its April 2020 World Economic Outlook report released on Tuesday in Washington, United States.

IMF Chief Economist and Director of Research Department, Gita Gopinath, said, “For the first time since the Great Depression, both the advanced economies and emerging and developing economies are in a recession.

“For 2020, growth in advanced economies is projected at -6 per cent. Emerging markets and developing economies which typically have normal growth levels well above advanced economies are also projected to have negative growth of -1 per cent and -2.2 per cent if you exclude China.”

The Nigerian economy is, however, projected to bounce back by 2.4 per cent in 2021.