COVID-19 caused Nigeria’s recession – Buhari

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.

He said this on Monday in Abuja, while declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’.

The summit was organised jointly by the Nigerian Economic Summit Group (NESG) and the Ministry of Finance, Budget and National Planning.

Mr Buhari, who was represented by Vice-President Yemi Osinbajo, said that the decline in the nation’s Gross Domestic Product (GDP) came after 12 successive quarters of positive growth.

He said the downturn caused by the pandemic included lockdowns, disruption in global supply chains, business failures and rising unemployment.

“We can all recall that during the lockdown, farming did not take place, businesses were closed; schools were closed as were hotels and restaurants.

“Also, airlines stopped flying, while inter-state commerce was disrupted.

“The economy only began to recover when these activities resumed and if we are able to sustain the nearly three percentage point increase from the second quarter decline of minus 6.1 per cent, the performance in the fourth quarter could take us into positive territory,’’ he said.

Mr Buhari said that it was to mitigate such impact that the federal government introduced the Economic Sustainability Plan (ESP).

 

 

– Premium Times

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: