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| Zainab Ahmed, Nigeria's Minister of Finance, Budget and National Planning |
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said that the current recession ehich the Nigerian economy recently slid into will be short-lived.
She said this Monday, at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.
According to her, the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021.
"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 COVID-19 was felt', She continued. "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.
"Our expectation of a quick exit, which will be historically fast, is anchored on the several complementaary fisical, real sector and monetary interventions that have been proactively introduced by government to forestall a far worse decline of the economy and alleviate the negative consequences of the pandemic", she added.
With the GPD dropping by 3.62 percent in Q3 and 6.10 percent in Q2, according to the National Bureau of Statistics, Nigeria entered its second recession in five years in the third quarter of this year as the Gross Domestic Product fell for the second consecutive quarter.
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