Nigeria’s third Gross domestic product GDP report released by the National Bureau of Statistics last week, indicated that the Country has slipped into a Recession.
According to statistics Bureau – NBS, the eceonomy contracted by double digit.
However, the decline has been influenced by the outbreak of the covid19 pandemic and its impact on both local and international businesses.
Nigeria has for the second time witnessed recession in 5 years under the President Muhammad Buhari Led – administration.
Recall, Human Rights group, Socio-Economic Rights and Accountability Project (SERAP) in an open letter to President – Buhari, asked the president to cut the cost of governance and implement bold transparency and accountability measures in response to the country’s second recession.
It said implementing human rights, transparency and accountability measures would save money, address projected adverse human rights impacts of the recession, and fast-track the economic recovery process.
However, the Minister of Finance, Budget and National Planning – Zainab Ahmed said the recession will only last until the First Quarter of 2021.
Mrs. Ahmed made this known Monday during the 2020 Nigeria Economic Summit held in Abuja – The capital.