How to avert looming recession, by experts

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With recession staring the country in the face in the wake of the Coronavirus pandemic, falling oil prices, and crashing value of the naira, economists insist that only deft steering of the economy to outrun the economic headwinds that are now buffeting the country from the outside could prevent her from landing awkwardly sooner than later

While they also stressed the need for key structural changes and robust interventions to ensure the economy gradually returns to a stable state, they were emphatic that the only successful path forward would mainly require fiscal and structural responses, with monetary policy playing a supporting role.

Recently, the Minister for Finance, Budget and National Planning, Zainab Ahmed, warned that the country might yet again be plunged into another round of recession if the Coronavirus disease persists beyond the next six months.

Ahmed while giving an update on various measures taken by the Federal Government to mitigate the effects of coronavirus on the nation’s economy on a television programme that she appeared said: “We are hopeful that this pandemic will be limited in time,” adding, “If it is an average of three months, we should be able to close the year with positive growth. But if it goes longer than that – six months, one year – we will go into recession.”