Recession: Osinbajo’s Aide Optimistic About Recovery

Senior Special Assistant on Media and Publicity to Vice-President Yemi Osinbajo, says the Nigerian economy is on its path to recovery.

Laolu Akande said this while reacting to the report stated by the National Bureau of Statistics which showed that Africa’s biggest economy entered a second recession in five years.

The NBS, in its report for the third quarter of 2020 released on Saturday, said the GDP, the broadest measure of economic prosperity, fell by 3.62 per cent in the three months up till September.

Akande said in reactions said, “Let me say very clearly that if you look at the GDP (Gross Domestic Product) figures themselves, there is a clear indication of restoration. For instance, in Q2, the contraction was -6.1 but in Q3 which figures were just released, the contraction is -3. So, clearly, the Nigerian economy is on a rebound.

“To the question of when we will get out of this situation, the figures bear the truth that the Nigerian economy is on its way to recovery. This is going to be mainly because of the Economic Sustainability Plan that the President had put in place and asked the Vice-President to share its development and implementation.

“The economy is rebounding and this is mainly because of the preemptive action that the Buhari administration had taken even before now to ensure that the situation doesn’t get worse. We have the confidence that the Nigerian economy will bounce back very promptly.”