NIGERIA WOULD EXIT RECESSION BY FIRST QUARTER OF 2021 – FG
The Federal Government, on Monday, November 23, said Nigeria would exit recession in the first quarter of 2021.
Recall, Eons Intelligence on Saturday, November 21, reported that Nigeria went into its worst economic recession since 1987.
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the disclosure at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.
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Ahmed, who revealed that the recession was induced by the Coronavirus pandemic, noted that many countries in the world had also entered an economic recession.
“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,” Ahmed said.
Also speaking at the Economic Summit, Vice President Yemi Osinbajo said that the Government is working together with private stakeholders to bolster the economy and support nation building.
According to a statement released by the National Bureau of Statistics on Saturday, November 21, Nigeria recorded a decline of 3.62 percent in the third quarter of 2020.
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This is the second consecutive quarterly GDP decline since the recession of 2016.
The last time Nigeria recorded this cumulative GDP was in 1987 when its GDP declined by 10.8 percent.