The United Kingdom Trade Envoy to Nigeria, Helen Grant, on Saturday said that Nigeria was the fastest growing economy in Africa.

Ms Grant said this at the two-day Nigerian Diaspora Investment Summit (NDIS) organised by Nigerian in Diaspora Commission (NiDCOM), in collaboration with Nigeria Diaspora Summit Initiative (NDSI).

What is Recession?
Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Nigeria GDP in the last two Quarters:
Q2 2020 GDP Growth: -6.10%
Q3 2020 GDP Growth: -3.62%

Is Nigeria in Recession: YES.

Is Nigeria Recovering: YES, because Nigeria actually grew by +12.1% QoQ in Q3 2020, the most growth in 7yrs.

Also, Research Gate findings reveal that the economic downturn in Nigeria was triggered by a combination of declining oil price and spillovers from the COVID-19 outbreak, which not only led to a fall in the demand for oil products but also stopped economic activities from taking place when social distancing and lockdown policies were enforced.

The government responded swiftly to the crisis by providing financial assistance to businesses and a small number of households that were affected by the coronavirus (COVID-19) outbreak.

The monetary authority also adopted accommodative monetary policies and offered a targeted ₦3.5trillion loan support to some sectors.

These efforts should have prevented the economic crisis from occurring but it didn’t. Economic agents could not freely engage in economic activities for fear of contracting the COVID-19 disease that was spreading very fast at the time.

All of these efforts were articulated, executed and supervised by the Osinbajo-led Economic Sustainability Committee (ESC).

The Nigeria Economic Sustainability Plan (NESP), approved by the Federal Executive Council (FEC) on June 24, 2020, was developed by the Economic Sustainability Committee (ESC), established by President Muhammadu Buhari on March 30, 2020.

Chaired by Vice President Yemi Osinbajo, the ESC comprised several Cabinet Ministers as well as the Group Managing Director of the NNPC and the Governor of the Central Bank of Nigeria (CBN).

https://twitter.com/APCNigeria/status/1330243682650513408?s=19

Osinbajo is not a saviour


Nigeria didn't just entered into recession,

Nigeria has been in recession ever since but they just made the public announcement!

Are we having election tomorrow?

Save us the election campaign as there are other important things to talk about

El rufai/ Osibanjo 2023

Yenefer:
El rufai/ Osibanjo 2023

Who even let this dog out

The midget is as useless as his vegetable master,
foolish condolence minister and the worst part is that Ewedu goblins thought he would actually benefit them.

After the pandemic is over nko ? What should we do with him afterwards?

omodaamola:
Osinbajo is not a saviour


Nigeria didn't just entered into recession,

Nigeria has been in recession ever since but they just made the public announcement!

But who got us out of recession few years ago, again?

All countries of the world is suffering same faith the bottom line is that we are recovering

Nigerians know that he's being back by God and he has the tactics of solving any issues

Covid19 pandemic has really caused a lot of setback for a country like Nigeria, but thanks to this administration for putting all efforts in making Nigeria bounce back

helinues:
Are we having election tomorrow?

Save us the election campaign as there are other important things to talk about

Does this look like election campaign to you, don't be enemy of progress

Karlovich:
The midget is as useless as his vegetable master,
foolish condolence minister and the worst part is that Ewedu goblins thought he would actually benefit them.

Sense is absent.. Pele mumu.com

I simply believe the ESP will help lift Nigeria out of this economic recession. The plans are well listed out and they have commenced already.

TheRareGem1:


But who got us out of recession few years ago, again?

Osinbajo got us out, him and his economic team. We need him now more than ever now. He should inculcate then then policies and expedite actions. He stabilized the Naira against dollar...We need all these things.
The economic team should be brought back and Mr. President should scrap those Presidential advisory committee, they are worthless and wasting our resources, time and money.
We also need Ngozi Okonjo Iweala consultation at this moment of recession.
I have no doubt on my mind that Osinbajo we pull this off again. He has done it couple and many times. Hes a problem fixer and sound administrator!

Jollylolly:


Osinbajo got us out, him and his economic team. We need him now more than ever now. He should inculcate then then policies and expedite actions. He stabilized the Naira against dollar...We need all these things.
The economic team should be brought back and Mr. President should scrap those Presidential advisory committee, they are worthless and wasting our resources, time and money.
We also need Ngozi Okonjo Iweala consultation at this moment of recession.
I have no doubt on my mind that Osinbajo we pull this off again. He has done it couple and many times. Hes a problem fixer and sound administrator!

This is spot on. As much as I miss former minister, Mrs. Kemi Adeosun, this current minster can also fit in together with the economic team. Mr. P should just scrapp the PEAC because those ones are doing NOTHING!
USA President, Trump also had economic advisory teams...na one by one the team members leave because the man never for once took their advise seriously.