Nigeria Will Exit Recession Soon – Finance Minister, Zainab Ahmed Reveals

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The Minister Finance, Budget and National , Zainab Ahmed, has stated the current recession faced by the country at the moment only last for a short period time.

Ahmed said this on Monday at the ongoing 26th Economic organised by the Economic Group and the Federal Ministry Finance, Budget, and National .

She said the country would emerge from the recession the fourth quarter of this year or by the first quarter of 2021.

, Africa’s biggest economy, entered its second recession five years the third quarter of this year as the Gross Domestic Product fell for the second consecutive quarter.

The GDP dropped by 3.62 per cent Q3 and 6.10 per cent Q2, according to the National Bureau of Statistics.

The finance minister said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.

“Let me remind that before the impact of COVID-19, the economy was experiencing sustained growth, which had been improving quarter by quarter until the second quarter of 2020, when the impact of the COVID-19 was felt,” she said.

Ahmed said countries also in recession, including the Kingdom and the States, recorded much deeper contraction than that of .

is not alone in this, but I say that has outperformed all of these economies in terms of the record of a negative growth.”

According to her, South Africa, which recorded a decline of -50 per cent compared to Nigeria’s -6.1 per cent in Q2, also record a deeper negative growth in Q3.

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

expectation of a quick exit, which will be historically fast, is anchored on the several complementary fiscal, 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 .”