The Minister of Information and Culture, Lai Mohammed, has said the current economic recession in Nigeria will be short-lived.
He said the FG has already made positive moves to see the economy is back to normal.
The National Bureau of Statistics, NBS had few days back confirmed that the West African nation slipped into another recession, the second time since 2016.
Speaking on the economic situation, Lai Mohammed said the recession is normal due to the COVID-19 pandemic and crash in oil price.
“It is true we are in a recession. Recession comes when a country records two consecutive quarters of negative growths. But we must go beyond that to understand that despite that, our economy is still very well in circumstances.
The main reason why we have entered into this recession is the oil sector. The oil sector recorded -13.89% and that is the worst in 14 quarters. Of course, it is easy to understand why; with the pandemic, there is low demand for oil…but when you look at the non-oil sector which is about -2.51 % in Q3, it is far better than what it was in the Q2.
Overall, yes, we are in a recession and it is inevitable but while our Q2 result was -6.1%, South Africa was -50% and as we speak today, Finland, Hungary, Spain, Mexico, Russia, Romania, Belgium, Austria have all fallen into recession.
But we are very confident that with the intervention policies, with the fiscal and monetary interventions the government has put in place, the recession will be short-lived.” he said