IMF’s Managing Director, Kristalina Georgieva says Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.
As the country faces an imminent recession, Nigeria is now seeking help for more than seven billion dollars in emergency funds from international lenders including the IMF, World Bank, the African Development Bank, and the Islamic Development Bank as Fitch and S&P have downgraded Nigeria’s credit rating in recent weeks on the oil slump.
Analysts fear Nigeria may be experiencing its worst recession in 30 years.
By International Monetary Fund, IMF’s estimation, Nigeria’s economy is expected to shrink by three point four percent (3.4%) this year and the nation of 200 million people could face a recession lasting until 2021.
