Nigeria will exit recession in Q1 2021 – FG assures

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The Federal Government has assured that Nigeria would exit recession in the first quarter of 2021.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, gave the assurance at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday in Abuja.

The Minister noted that the COVID-19 pandemic caused the current recession in Nigeria.

Ahmed said the current recession followed the pattern across the world where many countries had entered an economic recession due to the pandemic.

“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,” Ahmed said.

Nigeria has slid into its second recession in five years.

The Nigerian GDP report for Q3 2020 recorded a growth rate of –3.62per cent (year-on-year) in real terms in the third quarter of 2020.

The report by NBS on Saturday showed that the economy has contracted by -2.48per cent.

The bureau had expressed that GDP performance of Nigeria economy in third (Q3 2020) reflected residual effects of the restrictions to movement and economic activity over the response to the COVID-19 pandemic.

Nigeria for the second quarter reported contracted GDP performance, which translates into recession.