Nigeria heading for recession in Q4 2020 — FG

Nigeria is heading for another recession in the fourth quarter of this year, the Federal Government declared on Friday.According to the government, findings showed that the country’s Gross Domestic Product for the second and third quarters of 2020 were projected to be negative.This, it said, implied that the country would slide into a second recession in four years.The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s real GDP had been projected by the National Bureau of Statistics to contract by 4.2 per cent in 2020, as against the previous projected growth of 2.9 per cent.“Q2 and Q3 2020 GDP growth is projected to be negative, which means that the country will lapse into a second recession in four years,” she said.She also revealed that the Federal Government’s earnings dropped by about 65 per cent following the cuts in oil production.Ahmed spoke during a virtual consultative public forum in Abuja where she presented the Draft 2021-2023 Medium Term Expenditure Framework/Fiscal Strategy Paper.