A forecast by the international monetary fund (IMF) in April predicting a 3.4% contraction of the Nigerian economy how now been downgraded.
The economy is now expected to shrink by 5.4%, according to the IMF latest forecast.
Its latest forecast is contained in its June world economic outlook.
According to the fund, commercial activities are still not fully open in Nigeria while the aviation industry is still on lockdown as the country’s Covid-19 cases rose to 22,020 on Wednesday.
The oil industry has been the main sustenance of the Nigerian government lost $125bn of its projected revenue in the first quarter of 2020.
The government says it feared at least 70% of its oil revenue would be lost by the end of 2020.