President Muhammadu Buhari has described the outbreak of coronavirus as a major threat to Nigeria’s economy.
The President also identified bad harvests, conflicts in global locations and tariff changes in major world economies, as other factors negatively impacting the economy.
The President’s fears are heightened by the dip in the price of oil below the $57 2020 budget benchmark.
Due to the outbreak of coronavirus, China, world’s biggest importer of crude oil, has cut consumption by 20 per cent.
Speaking during a meeting with the Economic Advisory Council at Aso Villa, the President said a major epidemic or pandemic like the current coronavirus, tariff changes in major world economies can significantly affect economic plans .