Nigeria’s economy decline negative in growth

Just at the time the current administration were mentioning President Buhari achievement in office,National Bureau of Statistics (NBS) report that the country economy has entered a negative growth.

According to the NBS,the country’s Gross Domestic Product (GDP) contracted by –6.10 per cent in the second quarter of 2020. The decline was as a result of contraction in domestic and international economic activity during the quarter (April to June 2020).

These efforts, led by both the federal and state governments, evolved over the course of the quarter and persisted throughout, it noted.

The decline ends a three-year trend of low but positive real growth rates recorded since the last recession in 2016, the report showed.

In 2018, the Monetary Policy Committee (MPC) warned that Nigeria’s economy risked slipping into another recession if there was no synergy between monetary and fiscal policies to ensure macroeconomic stability.

The committee raised concerns over challenges to growth including rising inflation and pressure on external reserves as a result of capital flow reversals.

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Last May, Nigeria’s finance minister, Zainab Ahmed, said that an assessment by the Nigeria Bureau of Statistics indicates that Nigeria’s economy will go into yet another recession at an average of -4.4 per cent.

“The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an average of -4.4%,” she noted.

“But with the work that the Economic Accessibility Committee is doing bringing stimulus packages, we believe that we can reduce the impact of that recession.

 

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