Ebun Francis| Nigeria will exit recessionby te first quarter of 2021, the minister of finance, budget and national Planning, Mrs Zainab Ahmed, said on Monday.
The minister who made the disclosure at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.
She said, “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.”
Also at the Economic Summit, Vice President Yemi Osinbajo reiterated the administration’s committment to synergise 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.
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.
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