Economy

Civil Society Organisations, CSOs, Monday, expressed dismay over alleged poor management of economy following the recession that struck the economy at the weekend as reported by the National Bureau of Statistics, NBS.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit the current recession by the first quarter of 2021.

As Nigeria slips into recession for the second time in five years, President Muhammadu Buhari, says it came about because of the severity of the global economic downturn caused by the COVID-19 pandemic.

Zainab Ahmed, the minister of finance, budget and national planning, says the recession will be short-lived.

The President of the Christian Association of Nigeria, CAN, Reverend Samson Ayokunle, Monday, asked President Muhammadu Buhari, to invite church leaders on how to lift the country out of recession immediately, even as they called for constitutional reform.

Global credit rating agency, Moody’s Investors Service, has stated that the infrastructure in Nigeria is behind other emerging market peers, with about $3tn needed over 30 years to close the gap.

Policymakers, business leaders, development partners and scholars will discuss how to create strategic partnerships between the youth, governments, private sector and the civil society at the 26th Nigerian Economic Summit starting on Monday.

The former presidential candidate on Monday said unless the problem of leadership selection and constitution structure is addressed, Nigeria’s economy cannot create wealth for its citizens except for those with political connections.

The Nigerian Export Promotion Council (NEPC) says it is working with relevant ministries departments and agencies for payment of N124 billion backlog of claims under the Export Expansion Grant (EEG) scheme.

The Nigeria Bureau of Statistics (NBS), has said the information and communication sector contributed 9.57 per cent to the overall Gross Domestic Products (GDP) in the country’s third quarter in 2020.

Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.

The Nigeria Employers Consultative Association (NECA) has called for urgent economic recovery effort in view of the Gross Domestic Product (GDP) data released by the National Bureau of Statistics (NBS).

The Lagos Chamber of Commerce and Industry (LCCI) says the nation’s economic contraction of 3.62 per cent of the third quarter against the 6.1 per cent of the second quarter of the year may indicate that the worst is over.

Uche Uwaleke, Professor of Finance and Capital Market, has called for early passage of the 2021 Appropriation Bill and aggressive implementation of the Economic Sustainability Plan (ESP), as the country enters recession.

Grant said this at the two-day Nigerian Diaspora Investment Summit (NDIS) organised by Nigerian in Diaspora Commission (NiDCOM), in collaboration with Nigeria Diaspora Summit Initiative (NDSI).

The Nigerian Bureau of Statistics (NBS) has said Nigeria’s Agricultural sector contributed 30.77 per cent to the overall Gross Domestic Product (GDP) of the country in the third quarter of 2020 (Q3 2020).

A Senior Advocate of Nigeria (SAN), Dr Olisa Agbakoba, has said that for Nigeria to experience rapid economic growth there is the need for some agencies of the Federal Government to come together and harness their potentials.

National Bureau of Statistics (NBS) said that the nation’s economy has formally entered into recession as the Gross Domestic Product (GDP) contracted for the second consecutive quarter by 3.62 percent in the third quarter of 2020.