Nigeria would exit the current recession in the first quarter of 2021.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this at the 6th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday in Abuja.
The Minister said the challenges of COVID-19 pandemic caused a recession in Nigeria.
Ahmed said many countries just like Nigeria were also battling to save their economy
“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,” Ahmed said.
Nigeria had on Saturday slide into its second recession in five years.
The National Bureau of Statistics (NBS) had on Saturday said Nigeria’s economy had contracted by -2.48%.
The NBS claimed the current recession was Nigeria’s worst in decades.