Economy

“Too much unemployment” – Bola Tinubu laments, says Nigeria’s economy remains weak

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All Progressives Congress chieftain, Bola Tinubu, says though Nigeria has exited recession, the country’s economy remains weak.

Tinubu stated this in Kaduna on Saturday while delivering a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir, Ahmadu Bello.

Speaking on Saturday on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, the former governor of Lagos State said though the regime of President Muhammadu Buhari, put buffers in place during the recession, the country’s economy still remained weak with “too much unemployment”.

Tinubu said, “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic.

“Commendably, however, President Muhammadu Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been. The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle.”

The National Bureau of Statistics last month said that Nigeria’s Gross Domestic Product recorded a slight growth of 0.11 per cent in the fourth quarter of 2020, indicating the country’s exit from recession.

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