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Mrs Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning on Monday, said the country will exit recession by the first quarter of 2021.
Ahmed who spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.
“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of the economies in terms of the record of a negative growth,” Ahmed said.
Also Vice President Yemi Osinbajo at the Economic Summit, emphasised that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.
Recall that Nigeria, on Saturday, entered its second recession in five years in the third quarter of this year as the Gross Domestic Product (GDP) fell for the second consecutive quarter.
According to figures released by the Nigeria Bureau of Statistics (NBS) cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48 percent just as it recorded a -6.10 percent in the second quarter.
The 26th Nigerian Economic Summit focuses on building partnership for resilience for Nigeria’s households, businesses, and the general economy.
Due to his failure to produce the former Chairman of the defunct Pension Task Team, Abdulrasheed Maina, a Federal High Court has ordered Senator Ali Ndume to be remanded at […]
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