Nigeria’s economy may slide into recession by end of Q3’20 ― LCCI

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Another round of recession looms in Nigeria
Recession. Photo: Yucatan Times

By Yinka Kolawole

As the COVID-19 pandemic continues with consequent subdued commercial activities, the Nigerian economy may slide into a recession by the end of the third quarter of 2020 (Q3’20), the Lagos Chamber of commerce and Industry (LCCI) has warned.

President, LCCI, Mrs Toki Mabogunje, gave the warning at a quarterly press briefing of the Chamber in Lagos on Tuesday.

Mabogunje stated: “It is expected that the economic fallout of the pandemic, notably disruptions to global supply chains, lockdown, travel restrictions, weakening oil prices, foreign exchange liquidity challenges and weak export would manifest in the second-quarter growth numbers, with more pronounced impact on sectors struggling with growth before this crisis.

“As the pandemic protracts and commercial activities remained subdued, the prognosis is that the economy could slip into recession by the end of the third quarter.”

She noted that the business community…



Source: Vanguard Newspaper