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Nigeria might fall into recession as virus takes toll, budget office says

Nigeria might fall into recession as virus takes toll, budget office says

FELIX ONUAH NIGERIA might fall into recession in the third quarter, the head of the country's budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on Africa's largest economy. The continent's top oil producer faces its worst economic crisis in four decades in the wake of an oil price war between Russia and Saudi Arabia at the start of the year, and the pandemic, which hurt demand for its main export commodity which provides 90% of foreign exchange earnings. Ben Akabueze, director-general of the budget office, told reporters it was expected that growth…
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