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“This Will Be A Short-lived Recession” – Finance Minister
Minister of Finance and National Planning, Zainab Ahmed, says that the current recession will be short-lived and exited by the first quarter of 2021.
Ahmed made this known at the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.
The Minister said the recession is not peculiar to Nigeria as it follows the trend of COVID-19 induced recessions across the world that has affected many countries.
Read also: Nigeria Plunges Into Second Recession In Five Years
“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.
According to her, other countries, including the United States and the United Kingdom, are more affected than 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.”
Continuing, 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.”
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