Despite the new recession that has cropped in, Saturday, the Federal Government, on Monday, said that some of the nation’s economic activities have demonstrated strong resilience, apart from the country’s economy generally outperforming many economies in terms of economic growth.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, who stated this at the 26th edition of the Nigerian Economy Summit, in Abuja, noted the economic activities to include: production, telecommunications, financial institutions, food and beverage manufacturing, construction services, public administration, and courier services.
According to the Q3 GDP report released by the National Bureau of Statistics on Saturday, Nigeria recorded its worst recession since 1987 as the Gross Domestic Product in real terms declined by -3.62% (year-on-year) in the Q3of 2020, with the contraction marking the beginning of a full-blown recession and second consecutive contraction from -6.10 per cent recorded in the previous quarter of this year.
The NBS report said that oil GDP contracted by -13.89 per cent from -6.63 per cent in the Q2 of this year and 6.49 per cent in Q3 2019, even as the country’s non-Oil GDP contracted -2.51 per cent from -6.05 per cent in Q2 2020 and 1.85 per cent in Q3 2019.
But reacting to the development, the Finance Minister insisted that despite the negative growth, the economy demonstrated strong resilience in areas such as production, telecommunications, financial institutions, food and beverage manufacturing, construction services, public administration, and courier services.
She said the Federal Government and the NESG, have put all hands on deck with a view to ensuring result-oriented national implementation plans as well as regional and local development plans.
Ahmed said, “Since the inception of @officialNESG 25 years ago, it has become one of the largest annual gatherings dedicated to finding solutions to the challenges facing the Nigerian Economy.
“It has helped to shape government policies, reforms and sector transformation. Despite the recession, Nigeria has out performed many economies in terms of economic growth.
“Some economic activities also demonstrated strong resilience. They include production, telecommunications, financial institutions, food and beverage manufacturing, construction services, public administration, and courier services.”
On his own, the Chairman, Nigerian Economic Summit Group, Asue Ighodalo, stressed need for the NESG and the private sector to work harmoniously in addressing the policy needs, stressing, “We come to the table each year with clear and defined obstacles in search of solutions. The NESG and private sector must do more to address policy needs.
“As far as we may have come, we have not come far enough. Let this 26th Summit be the one where we collectively resolve to shun off greed, nepotism, corruption and other vices plaguing the country.”
- Tags: NESG, Zainab Shamsuna Ahmed, Asue Ighodalo