IMF Projected Nigeria to Face its Worst Economic Recession in 30 Years

The  International Monetary Fund (IMF), in its April 2020 World Economic Outlook report, cited that Nigeria’s economy is set to face its worst recession in 30 year, given the devastating economic impact caused by the Coronavirus.

The country’s GDP is projected to recede by 3 percent in 2020.

In 2016, Nigeria recorded a negative economic growth of 1.51 percent. In years 1987 and 1991, the country’s economic growth was at negative 10.87 percent and negative 0.6 percent, respectively.

The IMF expects an economic re-bound in the range of 2.4 percent in 2021.

Gita Gopinath, IMF’s Chief...