Tuesday, March 2African Business News
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Tag: covid2019

‘Nigeria needs strategic coping mechanisms as global recession looms’

‘Nigeria needs strategic coping mechanisms as global recession looms’

Economy
Though some initiatives are being undertaken by the Federal Government to mitigate the effect of the coronavirus pandemic on the economy, members of the Organised Private Sector (OPS) have asked economic managers to deploy far-reaching coping mechanisms as global recession looms. According to the stakeholders, if the outbreak persists in the short and medium term, the economic outcomes for Nigeria can be seen in the decline in oil revenue due to reduced demand from key foreign customers, fall in forex reserves as a result of a fall in oil export oil revenue, which might impact forex stability. Furthermore, they envisaged that the cost of imports from key trading partners such as Italy and China are likely to spike, resulting in cost-push inflation, while the rate of unemployment ...