By Chinenye Festus:-
The total figure released by the National Bureau of Statistics on Saturday, November 21, shows that Nigeria has gone into its worst recession in over three decades.
The Gross Domestic Product released by the agency revealed that the Nation recorded a total number of 3.62 percent in the third quarter of 2020.
The Federal Ministry of Finance, Budget, and National Planning through its minister, Zainab Ahmed while speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group on Monday, November 23 said the reason for this phase of recession which Nigeria is experiencing at the moment is due to the global pandemic which crippled most economies of the world including United Kingdom, United States, South Africa amongst others.
These were her words:
“Let me remind us that before the impact of COVID-19, the Nigerian economy was experiencing sustained growth, which had been improving quarter by quarter until the second quarter of 2020 when the impact of the COVID-19 was felt.Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of negative growth.
While the economy has entered into recession in the third quarter, the trend of the growth suggests that this will be a short-lived recession, and indeed by the fourth or, at worst, the first quarter of 2021, the country will exit recession.
Our expectation of a quick exit, which will be historically fast, is anchored on the several complementary fiscal, real sector, and monetary interventions that have been proactively introduced by the government to forestall a far worse decline of the economy and alleviate the negative consequences of the pandemic.”
She gave the assurance that there is no need for panic as the Buhari led administration is doing everything possible to get out of the recession soon.
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