The current recession, which the Nigerian economy recently slid into , will be short- lived, the Minister of Finance, Budget and National Planning , Mrs Zainab Ahmed, has said .
Ahmed said this on Monday at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance , Budget , and National Planning .

She said the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021.
Nigeria, Africa ’ s biggest economy , entered its second recession in five years in 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 in Q 3 and 6. 10 per cent in 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 us that before the impact of COVID- 19, the Nigerian 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 other countries also in recession, including the United Kingdom and the United States, recorded much deeper contraction than that of Nigeria.
“ Nigeria is not alone in this, but I will say that Nigeria 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, will also record a deeper negative growth in Q 3.
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.

“ Our 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 pandemic. ”

source: https://punchng.com/nigeria-will-exit-recession-soon-says-finance-minister/

Just like we exit rising inflation abi?

This statement is already stale. how many times are we going hear this but inflation is still at all time high

Men are born between a woman's legs and they spend their whole life trying to get back to it. WHY? Because there is no place better than HOME. But my question is when last did you visit home.

to exit recession isnt done by just talking or by forecasting dates asif its rocket science..
its funny reading her saying dt we would exit recession by d 4th quarter of this year or 1st quarter of next year going by the current rise of inflation in the economy..
I can confidently say dt naija may find it hard to exit recession if other outside countries dt naija depends on are still struggling with d covid induced recession...my opinion

What amazes me is how nigerians are treating this woman with levity...

Ironically, This woman would have been shown the exit door had it been she is either Igbo or Yoruba.

Imagine

they don't care about us.. Ill Bliss

By the time Nigeria gets out of recession we will all be computers then!
Fvcking swines
For eternity you fvckers will reap what you sowed

2023 is still far

Yenefer:
For sure. It will drain your mind and body to save ungreatful people, who doesn't appreciate the good work Buhari and his administration doing to this country. Beautiful modest and intelligent woman.
God bless Sadiya umar faruk
God bless Buhari
God bless Nigeria.

If you can't appreciate the good work, and thankful for the little we have leave the country. Sahara desert is waiting mediterranean sea is waiting. Stop Comparing Nigeria with The super rich countries that stole there wealth. Live accordingly

Idiot.

The economy is like a tree.
All the growth goes to the top

Yeah we will ��. Anyway to all those saying we need more women in political positions, u can see d females ar no more different than their male counterparts. We need better governance regardless of gender nd dat involves getting rid of d old political class

Not as long as we have a resource dependent and one basket economy, Madam Minister.

You were voted for change not for the same old same old.

So there is still recession abi?

I thought they released some charts and drawings some hours ago telling us that we have bounds back from the recession?


This government sef...the most incoherent ever!

.

But another government official said Nigeria was not in recession

Well, the economic indices at the moment actually lend support to what the finance minister said.

The main driver is that somehow and despite all the much publicized negatives, there are still a lot of ongoing economic activities that are stimulating spending (especially in the fmcg and IT/telecomms/fintech sectors). The implementation of the finance act 2020 should further strengthen this course by stimulating more spending within the economy e.g lower duties on cars, lower minimum tax rate, exemption of small companies from income tax and VAT.

Also, more Nigerian diasporans are remitting monies to their people here in lieu of coming home for the holidays.

So I am optimistic that we should indeed exit the recession statistically by first quarter in 2021.

The big question now is the Nigerian riddle ie what goes up may never come down. I fear that even if the parameters such as transportation costs, forex and supply chain logistics improve, the current high price levels might never return to their pre-covid status.

Note: I am not pro-any political party.

lol

Senseless government that went into recession twice. It is either they didn't learn from the past or they are the ones causing the recession.

Buharinomics na recession full inside

Mumu talk

Amen

At least we haven't heard anything about stupendous borrowing and it is crazy Atiku's advice was ignored.

Budget luxuries must stop.

Lol sharp minister , you mean the north alliance with Niger Republic will soon start paying off , we don't even know the real Nigerians anymore, if nah me nko? I go build rail line go my village too

Noted