Nigeria experiences another recession with the GDP of negative 3.62% after it occurrence in the last five years.
The Federal government of Nigeria says, the nation's economy will soon be restored in the part of sustainable inclusive growth, using the Nigeria economy sustainability plan which has been implemented.
Responding to the latest, gross domestic product figures, released by the national bureau of statistics. It shows that Nigeria is now in its second recession in five years. The minister of finance, budget and national development said, the government is working towards reversing the declining trend in the country's economy.
During a meeting on Saturday, the NBS officially announced that the nation had entered into recession as it GDP records a negative growth of -3.62%, in the third-quarter of 2020. However speaking at a two-day annual event, organized by the federal ministry of finance, budget and national planning. The minister says, the administration is fully aware of the current economy situation and is working around the clock to reverse the trend and restore the economy on the part of sustainable inclusive growth.
She further said that, the negative growth of -3.62% in the third-quarter of 2020 are much better than the -6.01% earlier forecasted by the NBS. And added that the country's expectation of a quick exit from recession, would be historically fast, because of the various interventions being productively introduced by the government.
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