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Nairametrics
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Home Economy Macros

The moment Emefiele predicted Nigeria will be out of recession in Q4 2020

Chike Olisah by Chike Olisah
February 21, 2021
in Macros, Spotlight
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies
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It is no longer news that Nigeria, Africa’s largest economy, against all expectations exited recession as its Gross Domestic Product (GDP) grew by 0.11% in the last quarter of 2020 (year on year).

However, the Governor of the Central Bank of Nigeria, Godwin Emefiele, had expressed optimism last year that the country was going to come out of recession in the fourth quarter of 2020.

According to the report released by the National Bureau of Statistics (NBS), this is the first positive quarterly growth in the last 3 quarters following growth in telecommunications and agriculture which seem to make up for the sharp drop in oil prices and production.

The surprising rebound of the Nigerian economy is coming against the prediction of the country’s Minister for Finance, Budget and National Planning, Zainab Ahmed, who while speaking at the 26th Nigerian Economic Summit, said that Nigeria is expected to exit recession by the first quarter of 2021.

The CBN Governor had during the November 2020 Monetary Policy Committee meeting, predicted that the country was going to come out of recession by the fourth quarter of 2020.

This as he said that many analysts expressed doubts about that and were waiting to prove him wrong.

In a video during a press conference as seen by Nairametrics, Emefiele said, “You said that in November MPC, I was cautiously optimistic that fourth-quarter GDP will be positive thereby taking Nigeria out of a recession that I was aggressively optimistic that during the first quarter, we will exit recession. I am praying very seriously that my prayer should be heard because I know that people are waiting to put my neck on the chopping board to say that I do not know my work.’’

What you should know

  • Despite Nigeria’s surprise exit from recession, experts have still expressed their reservations about the country’s weak economy which is faced with several challenges for businesses ranging from foreign exchange pressure, high unemployment level, increasing consumer prices, serious security challenges, weak investor confidence, etc.
  • This is as the growth in GDP was primarily driven by the Information and Communication sector and the Agricultural sector.
  • However, the surprise rebound of the economy means that Nigeria may recover faster than expected as crude oil prices and production increase this year.
  • This also shows that the country needs to redouble its efforts in the growth of the non-oil sector which contributed 94.13% to Nigeria’s GDP.
https://nairametrics.com/wp-content/uploads/2021/02/video-20210221-091615-1fe6b03f.mp4

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Tags: CBNCentral Bank of NigeriaGodwin EmefieleNational Bureau of StatisticsNBS
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 3

  1. Ekemini Robert says:
    February 22, 2021 at 9:07 am

    Wow. That means we’re gonna have good roads and and constant electricity. I’m impressed.

    Reply
    • Anonymous says:
      February 22, 2021 at 11:52 am

      Wish our politicians will put Nigeria on the right track of development and economic growth. Xxx

      Reply
  2. Nneka Ofor says:
    February 22, 2021 at 11:54 am

    Wish our politicians will put Nigeria on the right track of development and economic growth. Xxx

    Reply

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