Our Recession Will Be Shortlived – Minister Of Information and Culture, Lai Mohammed

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Lai Mohammed, The Minister and Culture has said the government is confident with the intervention policies, the fiscal and monetary interventions have been put in place, the will be short-lived.

The National Bureau Statistics, NBS had two days ago said Nigeria’s has slipped into another , the second time since 2016.

Speaking during an with NTA today November 25, Mohammed said the is inevitable due the global collapse in oil occasioned by the coronavirus pandemic. He said other countries like Finland, Hungary, Spain, and others have gone into recession due the fall in the price crude oil .

is true we are in a recession. Recession comes when a country records two consecutive quarters of negative growths. But we must go beyond understand that despite that, is very well in circumstances.

The main reason why we have entered into this recession is the oil sector. The oil sector recorded -13.89% and that is the worst in 14 quarters. Of course, is easy understand why; with the pandemic, there is low demand for oil…but when you look at the non-oil sector which is about -2.51 % in Q3, is far better than what was in the Q2.

Overall, yes, we are in a recession and it is inevitable but while Q2 result was -6.1%, was -50% and as we speak today, Finland, Hungary, Spain, Mexico, , Romania, Belgium, Austria have all fallen into recession.

But we are very confident that with the intervention policies, with the fiscal and monetary interventions the government has put in place, the recession will be short-lived.
” he said