The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria will be out
of the recession soon.
Over the weekend, Nigeria slid into its worst economic recession in over three decades.
Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday,
November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020,
causing it to slide into another recession.
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While speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit
Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday, November 23, the
Minister of Finance said the country would emerge from the recession in the fourth quarter of 2020 or by the first
quarter of 2021.
She blamed the recession on the global Coronavirus pandemic which has forced other economies in
other countries into recession. Ahmed said other countries also in recession, including the United Kingdom,
the United States, South Africa, and many others.
“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.
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