Pinax News
  • Home
  • Ghana
    • Showbiz
    • Lifestyle
    • Politics
  • Nigeria
    • Entertainment
    • lifestyles
    • politics
  • International
  • Sports
  • Forums
    • Profile
    • How to
    • What Is
  • Music
  • Business
    • Jobs/Vacancies/Admissions
    • Advertisement
Subscribe
Pinax News
Pinax News
  • Home
  • Ghana
    • Showbiz
    • Lifestyle
    • Politics
  • Nigeria
    • Entertainment
    • lifestyles
    • politics
  • International
  • Sports
  • Forums
    • Profile
    • How to
    • What Is
  • Music
  • Business
    • Jobs/Vacancies/Admissions
    • Advertisement
  • Nigeria

We Will Soon Overcome Recession, Zainab Ahmed Assures Nigerians

  • November 23, 2020
  • Gidions Moldam

Minister Of Finance, Mrs Zainab Ahmed said this on Monday at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning.

The current recession, which the Nigerian economy recently slid into, will be short-lived, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said.

She said the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021.

Nigeria, Africa’s biggest economy, entered its second recession in five years in the third quarter of this year as the Gross Domestic Product fell for the second consecutive quarter.

The GDP dropped by 3.62 per cent in Q3 and 6.10 per cent in Q2, according to the National Bureau of Statistics.

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

“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.

Ahmed said other countries also in recession, including the United Kingdom and the United States, recorded much deeper contraction than that of 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.”

According to her, South Africa, which recorded a decline of -50 per cent compared to Nigeria’s -6.1 per cent in Q2, will also record a deeper negative growth in Q3.

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.

“Our expectation of a quick exit, which will be historically fast, is anchored on the several complementary fiscal, real sector and monetary interventions that have been proactively introduced by government to forestall a far worse decline of the economy and alleviate the negative consequences of the pandemic

Comments

0 comments

Related Topics
  • Budget
  • economy
  • Nigeria
  • Recession
  • Zainab Ahmed
Gidions Moldam

Previous Article
  • Entertainment

“I Have a Warehouse Filled With Sniper!” Rapper Illbliss Replies Man Who Said He Brags Too Much In Songs.

  • November 23, 2020
  • Chisom Sophia
View Post
Next Article
  • Politics

NDC People Are Senseless-Afia Schwar And Her Twins React To Leaked Results

  • November 23, 2020
  • Elizabeth Danso
View Post
You May Also Like
View Post
  • Nigeria

I’m Tired of Explaining To People That I’m Single-Says BBNaija’s Dorathy

  • Elizabeth Danso
  • January 21, 2021
View Post
  • Nigeria

Real Men Don’t Shave Their Armpits-Tee Billz

  • Elizabeth Danso
  • January 21, 2021
View Post
  • Entertainment

Wizkid’s First Baby Mama, Shola Ogudu Shows Off Her Fiancée, Nigerians React- See Photos.

  • Chisom Sophia
  • January 21, 2021
View Post
  • Nigeria

“That’s Not The Reno I Know” Apostle Johnson Suleiman Defends Reno Omokri After Don Davis’ Mum Accused Him Of Sending Her Death Threats- See Screenshots.

  • Chisom Sophia
  • January 21, 2021
View Post
  • lifestyles

“Ignore The Nonsense Your Parents Teach You!” Kemi Olunloyo Says People Learn More Outside Their Home- See Screenshots.

  • Chisom Sophia
  • January 21, 2021
View Post
  • Entertainment

“I’m Still Learning To Be In Full Control Of My Emotions” Actress Ifu Ennada Speaks On Her Emotional Health- See Screenshot.

  • Chisom Sophia
  • January 21, 2021
View Post
  • Entertainment

“Useless Men Pretend To Be Good Men In All Actresses DM!” Actress Kiitan Bukola Says Men Are The Ones Causing Rivalry Between Actresses- See Screenshots.

  • Chisom Sophia
  • January 21, 2021
View Post
  • Nigeria

“Provide The Evidence And 100m Will Be Paid To You!” Reno Omokri Replies Don David’s Mum After She Claimed He Sent Death Threats To Her- See Video.

  • Chisom Sophia
  • January 21, 2021
Featured Posts
  • 1
    I’m Now Dating Medikal’s Father-Sister Derby Drops Bombshell
    • January 21, 2021
  • 2
    I’m Tired of Explaining To People That I’m Single-Says BBNaija’s Dorathy
    • January 21, 2021
  • 3
    Real Men Don’t Shave Their Armpits-Tee Billz
    • January 21, 2021
  • 4
    Video: Ghanaian Singer ‘Efya’ And Her Bestie Doing Some Wild Stuffs In The Washroom Goes Viral
    • January 21, 2021
  • 5
    President Akufo-Addo Officially Releases His List Of Ministers And Regional Ministers For His Second Term Of Office
    • January 21, 2021
Recent Posts
  • Wizkid’s First Baby Mama, Shola Ogudu Shows Off Her Fiancée, Nigerians React- See Photos.
    • January 21, 2021
  • “That’s Not The Reno I Know” Apostle Johnson Suleiman Defends Reno Omokri After Don Davis’ Mum Accused Him Of Sending Her Death Threats- See Screenshots.
    • January 21, 2021
  • “Ignore The Nonsense Your Parents Teach You!” Kemi Olunloyo Says People Learn More Outside Their Home- See Screenshots.
    • January 21, 2021
Categories
  • Advertisement (2)
  • Aenean Eleifend (10)
  • Aliquam (3)
  • Entertainment (1,172)
  • Etiam (10)
  • Forums (3)
  • Ghana (4,237)
  • How to (4)
  • International (2,506)
  • Just In (261)
  • Lifestyle (119)
  • Lifestyle (10)
  • lifestyles (169)
  • Maecenas (10)
  • Metus Vidi (3)
  • Movies (8)
  • Music (12)
  • Nigeria (998)
  • NSFW (1)
  • politics (433)
  • Politics (822)
  • Profile (12)
  • Rhoncus (4)
  • Showbiz (10,306)
  • Sports (406)
  • Vulputate (10)
  • XSport (9)
Pinax News
Latest News, Showbiz, Politics, Lifestyle, Sports.

Input your search keywords and press Enter.