The Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday, November 23, 2020, said the country will exit recession by the first quarter of 2021 as the Nigerian government is working towards reversing the declining economic trend in the country.
According to Channels Television, this disclosure was made by Mrs. Zainab Ahmed while speaking on the latest GDP figures released by the National Bureau of Statistics (NBS) about the current recession in the country at the ongoing 26th Nigerian Economic Summit, organized by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Finance, Budget, and National Planning.
The Finance Minister said the COVID-19-induced recession followed the pattern across the world, where many countries had entered an economic recession.
Ahmed said, “Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth.”
The country’s economy posted a second consecutive negative growth, contracting by 3.62% in the third quarter. This negative growth is much better than the 6.01% that was earlier forecasted by the NBS.
Also at the Economic Summit, Vice President Yemi Osinbajo, emphasized that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.
The 26th Nigerian Economic Summit focuses on building resilient partnerships for Nigeria’s households, businesses, and the general economy.
What you should know
It can be recalled that on Saturday, NBS announced that the country had entered its second recession in 5 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%, just as it recorded a -6.10% in the second quarter.