JUST IN: FG Announces When Nigeria Will Leave Recession

Federal Government on Monday announced when Nigeria will leave recession.

OnyxNews Nigeria reports that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said Nigeria will exit recession by the first quarter of 2021.

Ahmed discussed on the present 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.

Nigeria Slides Into Another Recession

OnyxNews Nigeria recalls that on Saturday the giant of West African country 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 finance minister 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 these economies in terms of the record of a negative growth,” Ahmed said.

Also, at the 26th Nigerian Economic Summit which focuses on building partnership for resilience for Nigeria’s households, businesses, and the general economy, Vice President Yemi Osinbajo made an explanation that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.