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Zainab Ahmed, Minister of Finance, Budget and National Planning said Nigeria will move out of recession either in the fourth quarter of this year or in the first quarter of 2021.
The minister said this on Monday at the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group in Abuja, Nigeria.
According to her, said the recession was caused by Coronavirus which ravaged the entire world, saying that many other countries were also forced into recession because of the virus.
She said before 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.
“Despite the recession, Nigeria has out performed many economies in terms of economic growth.”
“Though the economy has entered into a recession in the third quarter, a trend of the growth suggests that this will be a short-lived recession and indeed by the fourth quarter or at worst by the first quarter of 2021, the country will exit recession.” She said
According to her, Nigeria is not alone in this, but noted that the nation had outperformed economies like the United Kingdom and others who went into recesson in terms of the record of a negative growth.
She explained that while the economy has entered into recession in the third quarter, the trend of the growth suggested that this would be a short-lived recession, “and indeed by the fourth or, at worst, the first quarter of 2021, the country will exit recession.”
Recall that The National Bureau of Statistics, NBS had two days ago said that Nigeria’s economy has slipped into another recession, the second time since 2016.
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