Nigeria’s Finance Minister, Zainab Ahmed says the recent exit of the country’s economy from recession is a key indicator that it is poised for stable and consistent growth.
She says this shows that the diversification effort of the Buhari led administration has already started yielding the needed dividends.
Ms. Ahmed who made these declarations on Wednesday, while briefing State House correspondents at the end of the weekly cabinet meeting presided over by President Muhammadu Buhari said, the Nigerian government has been vigorously implementing its Economic Sustainability Plan (ESP) approved by Federal Executive Council (FEC) last June, with Vice President, Yemi Osinbajo at the helm of affairs, leading the implementation of the plan.
The Finance Minister said, exiting recession in the 4th quarter of 2020 was the shortest-lived so far experienced by the country and noted that despite the recession, the country still recorded some positives in many sectors of the economy.
Nigeria’s economy surprisingly came out of a recession in the fourth quarter of 2020 as growth in agriculture and telecommunications offset a sharp drop in oil production.
Gross domestic product grew by 0.11% in three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website last week Thursday.