Minister of finance says Nigeria's economic recession will be short-lived

Minister of finance says Nigeria's economic recession will be short-lived

- Nigeria's minister of finance has reacted to the country entering another recession

- According to Zainab Ahmed, the recent recession Nigeria slid into will be short-lived

- Ahmed explained that Nigeria would emerge from it in the fourth quarter of this year or by the first quarter of 2021

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Zainab Ahmed, the minister of finance, budget, and national development, has revealed that Nigeria's current recession will be short-lived.

In a report by Premium Times, the finance minister stated that the Nigerian government is working towards reversing the declining trend in the country’s economy.

Ahmed revealed this at an event on Monday, November 22, organised by the Nigerian Economic Summit Group (NESG) in collaboration with the Federal Ministry of Finance, Budget, and National Planning.

According to Ahmed, using the Nigeria Economic Sustainability Plan that is being implemented, the economy would be restored in the path of sustainable inclusive growth in no time.

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Minister of finance says Nigeria's economic recession will be short-lived
Minister of finance, Zainab Ahmed on Monday said that Nigeria's current economic recession will be short-lived. Photo credit: @ZShamsuna
Source: Twitter

The minister stated this in reaction to a report released by the National Bureau of Statistics (NBS) on Saturday, November 21, which showed the country has entered its second recession in five years.

She went on to note that the government is working round the clock to restore the nation's economy, adding that by the fourth quarter of 2020 or the first quarter of 2021, Nigeria would emerge from the recession.

She said:

“Though the economy has entered into a recession in the third quarter, a trend of the growth suggests that this will be a short-lived recession and indeed by the fourth quarter or at worst by the first quarter of 2021, the country will exit recession."

Earlier, reported that Atiku Abubakar, Nigeria's former vice president, said the current recession could have been avoided if President Muhammadu Buhari had heeded the advice given by him and other Nigerians.

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In his reaction to the NBS report, Atiku said the recession could have been avoided if the President Buhari-led government had taken three key steps he advised.

Atiku, however, admitted that the coronavirus pandemic exacerbated the country's slide into the recession.

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