Nigeria rolls out additional fiscal measures to stimulate the economy in response to the impact of COVID-19 and decline in oil price
Nigeria’s Minister of Finance, Budget and National Planning (‘the Minster’) on 6 April 2020, issued a press statement, to communicate a Fiscal Stimulus Package to address the economic challenges created by COVID-19 (The Pandemic) and the slump in crude oil prices.
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In 2014, when global commodity prices dropped, Nigeria plunged into economic trouble and in 2016 the country faced its first recession in over two decades. Heeding the call to diversify, the Nigerian government rose to the challenge and started to implement a number of initiatives to not only grow its economy but to protect it from similar commodity downswings in the future.