Shrinking of economy: Experts warn of mass poverty, predict recession in Q3

📆 8/26/2020 9:23 AM
📰 MobilePunch

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Nike Popoola and Okechukwu Nnodim The Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, has said that the Nigerian economy will slide into a technical recession in the third

quarter of 2020.

Also, he said, multidimensional poverty was likely to skyrocket as consumers’ battle with squeezed income and higher unemployment. Nzekwe stated that the outbreak of the virus worsened the already battered state of the Nigerian economy, adding that this was clearly reflected in the GDP figures released by the NBS.

He, however, stated that what should be focused on now should be how to mitigate the lull in economic activities. Nzekwe noted that the agricultural sector should also receive the right support, as the industry could generate substantial foreign exchange for Nigeria when properly harnessed.

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