The Minister of Finance, Budget and National Planning, Zainab Ahmed, has stated the current recession faced by the country at the moment will only last for a short period of time.
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.
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.”
Thanks again
Nice
Good
That’s great
That’s great
Okay
Hmmmm
Nice
BETTER
Good to hear
Nice one
Ok
Greet
Okay
Good
Good
How long will this continue under this same regime we have witnessed 2 recession…
Good
If I hear
Okay
Good
Ok
Hi
Ok that is good news
What a Gud news
Great one
We hope so
Abhi ooooo
Good
Excited
Thanks zenab Ahmed
What is really going on in Nigeria
That is wonderful
Hw are u
Really
okay ohh good
Wonderful
Courageous
That is okay
Good
Good
good
That is great
okay
Yes good
Nice one
Good one
Thanks again
Good
Good
Nice one
I pray so
Really
okh
They better do..
Thanks
Good
Really
Kkk
Thanks
Yeah
Nice
Okay ?
Nice
Wow
Nice
Okgood
Good
Good
Okay oo
Nice
Good
Good
Thanks for the news
Okay
Nice
That one na your own
With ur bad government
Nice
Better
Bravo
Sure??
Good
Kk
Good
okay
Hmmmmmm
Okay
Good news
We pray so
K
Good
We hope so
Okay nah
Fact
Good
Wow hope so…we want better nigeria
Thats is a great talk
OK
Nice
Good
Good
Awesome
That is cool
Good
We have hear you
Nice one
That’s a great news
Great news
Great
Thank you o
Good luck
???
Just Thant
??????
Alright
K
Nice thanks
Wow
Cool
Is alright. Good to hear
Good
Thank God.
Really
Good
Good
Nit
Oh my God
That is good
Good one
Good
Okay
Thank God o at least
Good
Amen
That great idea
thank GOD o
Wow
That’s is a very good idea made by the Minister
Ok
Plan
Amen I pray so o
We are waiting till then
Greedy
Love that
Really
Kk
Ok
Ok
To God be the glory
Since it not only restricted to Nigeria ,the recession will Soon be overcome.
Wooo
Nice
Good
Nice
Okay
Yes
Okay but bubu must go
Nice
Ok we hear
Nice one
Tnks
Great
No be mouth we want hear oooh
Okay
??????????
Nice
Okay
Yes
thank God
Abeg o
Good one
Is that so
Amen
Yeah
Sure
Sure
Ok o
Hmmmm okay oo
Okay
Eiyaa, how soon
Hmm when
Hmm
Yea
Fdd
Very nice
nice
Ok
Amen
Amen
Cool
Confirm
Thanks verymuch
Cool one
We pray so
We are waiting
Hmmmm
Kk
Kkk
Very good
Good
haaa
Hmmmmmm
Really
We hope so
Hmmm
So help us
OK
Really
We pray so ooo
I pray o
ok
Thanks for the updates
Yeah good
Wonderful
Okay
Yes we can meet
Ok
Thanks again
Ok
Okay❤❤❤
Wow
Splendid
Ameeen ooo. I hope this will not be just ordinary sweet talk ooo.
Hmmm, stop please
Go
Ok
Ok
Okkkay
Hope so,cause that our prayer.
Okay
humm
Nice
Haaaa
Good to hear
Exactly
Tanks
Ok
Thanks
Well done
Thank you
Good
As you suggest
Goood talk
See this guys
Nice
Thanksgiving
Great
Yeah
Hmmmmm this serious
Thanks
Ok
Ok ma
Great
Ok
Wow
Wow
Nice
That’s it
Yo
Good one
Amen
Very good
Can’t wait to see that happan
Really
Are you sure
Good
Thnks
Good
Kk
How did she know
Ait
Ar u sure?
Thanks
Hmmmmmmmm
Thanks once again
So
Hi
Hi
Nice one
Update!!! Update!!!!
Mtcheww
Yeah
Ok
k
Hh
Alright
Alit now
It’s a big disgrace to undergo a recession twice in five years
Nice
Cool one
Wonderful
Alright
Alright
Good
God help us all
Yea
Nice update
Nice udate
Good luck
Good talk
Okay
U
Hope we don’t feel the impact much
Ok
Nice oo
Good
Good
Good
Very good
Great
Good
That’s awesome
Mk
Great climaxtrend
Amazing
Fantastic
So sweet
Nice
Ok
Its all good
Okay
Ok
Nice one
Awesome
Nice
Ok oo let wait and see???
Thanks again
good
Cool
Thanks God
Thats great
Okay
Alright
Very good
Great
What a good ideal
I pray so
Good one
Better
Okay
Better
Correct
Correct dat actually courageous and great
Thanks
Good luck
Yes
Why did you people allow it in the first place?
Great
Nice
Great
Hmm
Hmm
You again
Okay we are watching
How soon
Wow
Nice one
Nice one
Hmmmmm
Ok
Okk
Really!!!
Good
Alright
Nice one
Tgydfv
Funny… y’all looting our money …
Hmmm looters
Youthful
Good news
Alright
Ok
Nice one
Good
Good luck
Okay
Nice ? one
that is a good news
Good
Love it
Yes on the right track
Yea on the right way
We’ll see about that
I pray for that
Great
okay
Good
Great
great
You need to stop borrowing money
Let it be so
Can’t wait
Make happen not by saying it
God will put us through
Alright
Yes
Good
God have mercy
Kk
Nice update
Recession part
No wonder things are very expensive
I pray ooo
Okay
l pray ooo
Ok
Thanks for that
Amen to that
Good
Lol
Hmmm
Amen
Good job
Its okay
ok
Kk
How can i place withdrawal without referrals
Okay
Alright
That’s nice
Ok
Ok
That’s they cup of tea
Arab nonsense
Oda dat good
Ok
That’s really Good,hope it work out
Great job, u guys are doing well
We pray so
hmmmm
Ok
Great
Okay
Ok ooo
Update
Nice
okk
That nice
Great one
We don hear u
Good
Great
Okay
Ok oo
Amen o
No problem we are waiting o
Na so
Abii
nice
Good
Would be very good
gud
Good
alright
How
Wahala
okay o
Good
It will really be good if things returns to normal soon because we can’t compare Nigeria’s economy to other countries as we have a more vast source of revenue than the do.
Short fire you
Okay
Good
good news
lolz
we hope so oo
dat would be great
I pray
Let’s see how it would go
God let it work
OK nice
Good idea
We pray so, and may God help us all.
Good to hear
Okay
Amen
alright
When will it end
Everytime it’ll end while is not
Only GOD can help us
This country sef
Na wa oo fr did country
This county can’t change
When is soon
Wen is soon
Nigeria has always been in recession
Ameen oo
good job ma, you are highly weldone
……
Ok
Hmmm
Nice
Great
Good news
Okay
We are waiting
Abeg do am fast we dey wait
Wahwoo
Do something fast about that
Am waiting ooo
Good
Better
We pray so
That’s good
Ok
We hope so
We pray so
IT IS GOOD IF IT WILL WORK FOR THEM
We pray so
Ok
Why this
Ok
Chooiii
Yyyy na..
Nand
Ok
Okay
Ok
yeah
Ok
Well
Good
Ok
Okay great thanks
Good
Better
Hmmmm
That’s great
Alright
Cool
Hmmmmm
No prob
Hopefully well , we pray so
Finally
Really
We are watching!
OK o
Kk
Thanks for this update
Ok
Ok
okay.
We shall see you
but that’s also a false talk
Good
but we pray for a better economy.
We hear oooo
Mem
Ok
All will be well
????
Good
Good
Alright hajia
Okay, Alright odi mma
Okay
Nice
No problem we shall see what happens next
Wow
Nice
We hope so
K
Senseless
Okay
Thank God
Okay
Good
May God help us
Ok
Amen
Bad administration
You are one of the agents of the recession
We must emerge quicker
E clear
God help us oo
God dey
Fat. Hmmmmm
On God
Hmmmmm
Hmm
K
Hmmm
Okay
Ok
Nice
9ice
Cool
Good
Gud
Cul
K
We hope so
Grt
Great
Wow
Good
Abeg ooo
Ok
Good
Good
We are watching
We pray so
Is after hunger and poverty has finished us all
Hmmmm
Ok
Okay
Hunn
Shit
I pray
This good
Let them say wherever they want to say
We hope soon
Alright
Facts
Ok
Ok
Ok
Ok oooo
Alright
Alright
Hmm
He
Ok oo… Let’s observe
They should stop telling us lies
Its well
All is well
Hope so
F
Okay
Thanks for the update
Okay
good
Gooooood
Nice
Hooefully
Right
Nice one
Okay oh, cus I want to buy I basket of onions for #100
Nice
Damn
Good
Recession
hmm, that what they kept saying
God help Nigeria
Hmmm
Great
We should oo
Finally we are out
Great
good
Nice
Really
That’s good
Wow that’s great news to me
Nice
Nice
Good
That’s good news
Great
Okay
Okay
Hmmmm
Okk
Cool
Nice
Ok lets see
Nice
Thanks for the update
Okay
Good
By God grace
Hmm
??? we are waiting
Thanks o .jst make am snappy
Wow,thanks
Great new ?
Good news
How
oops
Nice talk
Wow
I pray so let it not be like is just a politians language
Cool
Nice talk
Alright
Wow
wow í ½í²¯í ¼í¾í ¼í¾
Alright
Ops
Nice
Wow
We move please
Wow
Wow
Good to ear
Nice
Thanks
Hmm
Ok o
Hmmm
Okay
Yes
Amenooo
Kk
Ok
Hahahaha
Food delivery
good
Good plan
Hmm
Great
I pray so
I pray so by the special grace of God
Hands God
hmmmmmmmm really
Amen ooo
I pray so ooooo
God will help us Amen
Hmmmmmm
Wow wow wow wow wow wow wow wow
That’s nice ? ? ? ? ? ?
Wow
Amen
God bless
God bless you
God bless you we need a better Nigeria
Okay
Better
Thanks for the update
Hmmmmm
Ok
Only Jesus can save ❤ ❤ ❤ ❤ ❤
We hear
okay oo
Nice one
Ok
That’s good
Ok thanks
Alright
Ok
Story
Yeah
nice
She said the country would emerge from the recession in the fourth quarter of this year or by the first quarter of 2021.
Really
Ahmed said other countries also in recession, including the United Kingdom and the United States, recorded much deeper contraction than that of Nigeria.
The finance minister said the COVID-19-induced recession followed the pattern across the world where many countries had entered an economic recession.
Ok
Ameen
R
e
c
e
s
s
I
o
n
Ok
kk
ok
Alright
Okay nah
We believe you
Okay
let’s watch nu
okay
Good news
Ok
Yep
?????????
I pray and hope so
Yea it is said well in 1982
?????
Oh okay sha
We hope so…
Good day please
Okay that’s fine
Kk
Wow
Thanks for the update and information
Cool
Hmmm okay
OK
Ok
Ok
Good
Okay
Love this pls keep it up ♥️♥️♥️