• Home
  • Privacy Policy
  • Ad Rates
  • Submit News
  • Contact Us
The Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
The Eagle Online
No Result
View All Result

Recession: Experts advice on way out

NAN by NAN
November 23, 2020
in Business, Economy
3 min read
0
Nigeria ratifies Kyoto protocol’s Doha amendment to check emission
Share on FacebookShare on TwitterWhatsApp

Financial analysts on Monday offered advice to the government on ways to boost the economy, which has slipped into recession.

The National Bureau of Statistics (NBS) had, in its Gross Domestic Product (GDP) report for Q3’ 2020, said that the country recorded GDP growth of -3.62 per cent in the quarter.

It was an improvement from the -6.10 per cent growth recorded in Q2’2020, but the two consecutive quarters of negative GDP growth put the economy in recession.

Analysts who spoke in separate interviews with News Agency of Nigeria in Lagos said that the recession was expected.

They, however, advised the authorities on measures they needed to take to change the situation.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, said that it was not surprising that Nigeria entered into another recession.

“It was expected for the country to go into a recession on the onset of the coronavirus pandemic; though very worrisome considering our monocultural economy, comatose infrastructure and food insecurity.

“The pandemic has caused a global recession, and leaving unprepared countries like Nigeria very vulnerable to it”, he said.

He urged government and policy makers to urgently dedicate resources to boost productive capacity, youth empowerment and come up with programs that would alleviate poverty in rural areas.

According to him, Nigeria’s economy is presently bedevilled with high inflation rate, volatile exchange rate, insecurity, tense political environment that are preludes to another round of recession, if not carefully and properly managed.

Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research, University of Lagos, also concurred.

“Nigeria entering into another recession, the third one in its history, did not really come as a surprise.

“The signs were there all along with the negative GDP growth rate in the second quarter of 2020 and consequent poor economic performance that followed.

“This was exacerbated by the lockdown effects of the COVID-19 pandemic.

“The negative growth rate of the third quarter simply put the “nail on the coffin”, he said.

Nwokoma advised government to frontally address the persisting challenges of the economy – insecurity, uncertainty and poor budget management.

RelatedPosts

Kwara residents pay highest for petrol, lowest for diesel in December 2020 — NBS

CPI rises by 0.86% — NBS

ABCON tasks CBN on forex stability in 2021

According to him, these challenges affect sectoral output in agriculture and manufacturing and truncate growth.

He also urged government to consider opening the land borders under some conditions.

The Chief Executive Officer, BIC Consultancy Services, Dr Boniface Chizea, also said the recession was not unexpected.

“The Nigerian economy had really not fully recovered from the last recession which it went into in the second quarter of 2016, after the economy had been out of recession for a record period of about 25 years.

“On paper we speedily got out of that recession after five quarters in 2017 but the growth rate had been marginally and nationally positive, hardly recording above two per cent in the intervening period before the onset of the pandemic by the end of the first quarter in 2020.

“The growth rate must equal three per cent; the estimated rate of population growth, before any impacts could be felt.

“With the onset of the pandemic and the resultant supply chain disruptions, it was a known and felt fact that we went immediately into recession while awaiting confirmation by National Office of Statistics”, he said.

Chizea advised government to be focused on fighting recession by continuing to implement its many plans, particularly the Economic Sustainability Plan.

Economic recession is defined as two consecutive quarters of negative GDP growth.

Tags: Alhaji Aminu GwadabeBureau De Change Operators of NigeriaDr Boniface ChizeaEconomic recessionGDP growth.National Bureau of StatisticsProf. Ndubisi Nwokoma
Share28Tweet18SendShare7

Related Posts

No cause for alarm, MOMAN assures Nigerians on petrol scarcity

Kwara residents pay highest for petrol, lowest for diesel in December 2020 — NBS

January 16, 2021
Customers with prepaid meters increased to 1.67m in Q4 2018 – NBS

CPI rises by 0.86% — NBS

January 15, 2021
ABCON tasks CBN on forex stability in 2021

ABCON tasks CBN on forex stability in 2021

January 5, 2021
Hostility: Ghana extends olive branch to Nigeria

Recession in Nigeria will be short-lived, FG assures

January 4, 2021
NBS, National Bureau of Statistics

Nigeria’s Q3 capital importation stands at $1.46b — NBS

December 15, 2020
P&ID vs. Nigeria: A review, by Reuben Abati

Inside Nigeria’s killing fields, by Reuben Abati

December 1, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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

COVID-19 Update

Kano to introduce COVID-19 Marshals

Get tested before receiving malaria treatment, expert urges Nigerians

Buhari participates in virtual ECOWAS 58th Ordinary Session

El-Zakzaky’s wife not COVID-19 positive — Correctional Centre

Lagos data absent as Nigeria records 1,483 new COVID-19 cases, more deaths

Most Read

  • Biden clinches Democratic ticket to face Trump in election

    Joe Biden faces impeachment hours after becoming US President

    198 shares
    Share 79 Tweet 50
  • Seriki Fulani flees as Sunday Igboho fulfils promise to flush out Fulanis in Oyo State

    170 shares
    Share 68 Tweet 43
  • Soldiers watch as Sunday Igboho storms Igangan in preparation to flush out Fulanis

    304 shares
    Share 122 Tweet 76
  • IGP has ordered arrest of Sunday Igboho, his transfer to Abuja — Presidency

    137 shares
    Share 55 Tweet 34
  • 10 secondary school students nabbed by Amotekun inside Oyo bush + Video, photos

    136 shares
    Share 54 Tweet 34
  • 35 killed in Zamfara villages attack

    112 shares
    Share 45 Tweet 28

Ease Slash


Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.







https://theeagleonline.com.ng/wp-content/uploads/2020/05/VID-20200510-WA0000.mp4

Chat with us now

Most Commented

  • Sunday Igboho dares Makinde, says he’ll flush out Fulanis today + Video

    Soldiers watch as Sunday Igboho storms Igangan in preparation to flush out Fulanis

    304 shares
    Share 122 Tweet 76
  • IGP has ordered arrest of Sunday Igboho, his transfer to Abuja — Presidency

    137 shares
    Share 55 Tweet 34
  • BREAKING: APC postpones membership registration

    69 shares
    Share 28 Tweet 17
  • How to get PayDay loan in one minute from Polaris Bank

    308 shares
    Share 124 Tweet 77
  • Kwara: Don’t distract the driver, please!, by Abdulrazaq Magaji

    69 shares
    Share 28 Tweet 17

Latest

Kano marks Islamic New Year, declares public holiday

Kano to introduce COVID-19 Marshals

January 24, 2021
Abia traditional ruler distributes palliatives to 1000 subjects

Abia’s foremost traditional ruler Enweremadu is dead

January 24, 2021
I’m committed to gender equity, says Gov. Bala Mohammed

Gov. Mohammed approves resignation of his Private Secretary

January 24, 2021
Conte sees red as Inter Milan miss chance to go top in Serie A

Conte sees red as Inter Milan miss chance to go top in Serie A

January 24, 2021
Maritime security: FG to deploy special mission aircraft to Edo

NAF graduates 676 to meet contemporary security needs

January 24, 2021




  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
  • Entertainment
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.