Categories: NewsNigeria News

Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

 

 

 

Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021.

Ahmed spoke about the current 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, on Saturday, 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 Economic Summit, Vice President Yemi Osinbajo made the emphasis 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 partnership for resilience for Nigeria’s households, businesses, and the general economy.

Angela Davies

Recent Posts

Zenith Tech Fair 4.0 Concludes With Hackathon Winners Receiving N77.5M In Cash Prizes

Zenith Tech Fair 4.0 has concluded, with hackathon winners receiving N77.5M in cash prizes.   Glamtush…

11 minutes ago

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

20 hours ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

20 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

20 hours ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

1 day ago

Davido Celebrates 32nd Birthday With ₦300m Donation To Orphanages

Davido is excited to celebrate his 32nd birthday with a ₦300m donation to orphanages.  …

1 day ago