Recession: Nigerian economy outperforming many, finance minister Ahmed

Recession: Nigerian economy outperforming many, finance minister Ahmed

- Zainab Ahmed has given the Nigerian economy a pat on the shoulders for outperforming others despite being in recession

- The minister further explained that Nigeria is doing well in sectors like telecommunication, construction services, public administration and others

- Hajiya Ahmed expressed hope that the country will be out of recession in a short time as efforts are ongoing to that effect

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Zainab Ahmed, minister of finance, budget and national planning, has stated that Nigeria is outperforming the economies of many countries around the world despite being in recession.

The minister made its disclosure on Monday, November 23, while speaking at the opening of the 26th edition of the Nigerian Economy Summit (#NES26). recalls that for a second time in five years of the Muhammadu Buhari-led current government, Nigerian slipped into economic recession at the weekend.

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It is noteworthy that the country has already overstretched with complex challenges amid declining revenue receipts, posing a dark picture for the country's economy.

But the minister seems not to believe that Nigeria is performing poorly as she stated that economy has shown strong resilience.

She explained that Nigeria is doing impressively in areas such as beverage manufacturing, construction services, public administration, courier services, production, telecommunications, financial institutions and food.

Recession: Nigerian economy outperforming many, finance minister Ahmed
Finance minister Zainab Ahmed say Nigerian economy outperforming many despite recession. Credit: @FinMinNigeria
Source: Twitter

“Since the inception of @officialNESG 25 years ago, it has helped to shape government policies, reforms and sector transformation. Despite the recession, Nigeria has out performed many economies in terms of economic growth.

“Some economic activities also demonstrated strong resilience. They include production, telecommunications, financial institutions, food and beverage manufacturing, construction services, public administration, and courier services.”

Nigeria will be soon out of recession

Earlier, the minister stated that Nigeria's current recession will be short-lived as the Nigerian government is working towards reversing the declining trend in the country’s economy.

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

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Atiku speaks on recession

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

Atiku said the recession could have been avoided if the President Buhari-led government had taken three key steps he advised.

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