President Muhammadu Buhari has revealed that Nigeria’s economy is likely to plunge into recession soon, making it a second recession in four years.
Buhari made this disclosure on Thursday, October 8 while presenting the 2021 budget estimates at the National Assembly in Abuja.
He started that this is as a result of the outbreak of the cornonavirus pandemic which affected countries all over the globe.
President Buhari said;
“The 2021 Budget was prepared amidst a challenging global and domestic environment due to the persistent headwinds from the Coronavirus Pandemic. The resulting global economic recession, low oil prices and heightened global economic uncertainty have had important implications for our economy.
“The Nigerian economy is currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the Coronavirus Pandemic. Real Gross Domestic Product growth declined by 6.1 percent in the second quarter of 2020.
“This ended the 3-year trend of positive, but modest, real GDP growth recorded since the second quarter of 2017. I am glad to note that, through our collective efforts, our economy performed relatively better than that of many other developed and emerging economies.
“GDP growth is projected to be negative in the third quarter of this year. As such, our economy may lapse into the second recession in four years, with significant adverse consequences.
“However, we are working assiduously to ensure a rapid recovery in 2021. We remain committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.”