Nigeria Will Exit Recession In Q1 Of 2021 – FG

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said that the country will exit recession by the first quarter of 2021.

Mrs. Ahmed spoke about the current recession in the country on Monday at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.

It would be recalled that on Saturday, Nigeria had entered its second recession in five years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

According to figures released by the Nigeria Bureau of Statistics (NBS), the cumulative GDP for the first nine months of 2020 stood at minus 2.48 percent just as it recorded a minus 6.10 percent in the second quarter.

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The finance minister said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.

On his part, the Vice President, Yemi Osinbajo, made emphasis that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.

The 26th Nigerian Economic Summit focuses on building partnership for resilience for Nigeria’s households, businesses, and the general economy.

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