Newspapers review: FG reveals when Nigeria will come out of recession

Economic news reports dominate the discussion in the Nigerian newspapers' review for Tuesday, November 24

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Zainab Ahmed, minister of finance, budget, and national planning, has expressed hope that the country will be out of recession in a short time as efforts are ongoing to that effect.

According to The Nation, the minister made the disclosure on Monday, November 23, during her speech at the opening of the 26th edition of the Nigerian Economy Summit (#NES26).

She said Nigeria is outperforming the economies of many countries around the world despite being in recession.

In other news, the World Bank said Nigeria is likely to face some challenges because of the recession which was declared by the National Bureau of Statistics (NBS).

Vanguard newspaper reported that the World Bank’s country director in Nigeria, Shubham Chaudhuri who also attended the 26th edition of the Nigerian Economy Summit (#NES26), said Nigeria was at a critical juncture.

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He stated:

“Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say.
"We have to do something that departs from business as usual. For Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Meanwhile, an analysis of data from the NBS revealed that except for Lagos and Ogun state, the remaining southwest states have continued to witness a downward trend of Foreign Direct Investments (FDIs).

Southwest states of Oyo, Ondo, Ekiti, and Osun remain financially deprived when compared to Lagos and Ogun, despite sharing many things in common.

According to the Guardian, data from the NBS showed that Lagos and Ogun states had the lion’s share of Nigeria’s $93,284,945,10559b FDI between 2013 and the first quarter of 2020.

Buhari's minister reveals when Nigeria will exit recession

In other news, the Nigerian government is considering taking tough measures against airline passengers who violate the COVID-19 protocols.

The Punch reported that the Presidential Task Force (PTF) on COVID-19 on Monday, November 23, said 39,070 passengers who arrived in the country did not pay for coronavirus test.

Boss Mustapha who chairs the task force also disclosed that some travellers presented fake documents on COVID-19 tests and other information.

He said the task force plans to work with relevant institutions and legal authorities to impose appropriate sanctions on those that defaulted on the protocols.

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