On Thursday, economic experts, government officials, and leadership consultants convened at the International Conference Centre Abuja to discuss how Nigeria can effectively navigate its recent departure from recession and achieve long-term economic growth.

The experts agreed that the MuhammaduBuhari administration should take particular actions to ensure Nigeria does not revert to recession at a brainstorming session titled, “How to Consolidate Nigeria’s Exit from Recession and Ensure Economic Growth.”
The N-PoD Monthly Policy Dialogue (Summit) was held for the sixth time, and it was hosted by the Office of the Senior Special Assistant to the President on Policy Development/Analysis.

In the third quarter of 2020, the Nigerian economy experienced a slump. A recession is a short-term economic downturn in which trade and manufacturing activity plummet.
A drop in GDP in two consecutive quarters is particularly notable. In the second and third quarters of 2020, Nigeria experienced this economic difficulty.

The country as a whole saw a significant fall in spending.
However, the nation’s economy expanded by 0.11 percent in the fourth quarter of 2020, despite the International Monetary Fund forecasting a further fall.
According to experts, despite the fact that oil output fell to 1.5 million barrels per day in the fourth quarter due to the COIVD-19 epidemic, a 1.7% increase in the non-oil sector (telecoms and agriculture) assured Nigerians escaped recession.

Read more: Experts offer advice on how to keep Nigeria’s economy growing after the recession