The World Bank has said that Nigeria’s current recession might last up to 2023, unless the current reforms is sustained and the right mix of policy measures is implemented. In a World Bank Nigeria Development Update (NDU) report tagged “Rising to the Challenge: Nigeria’s COVID response”, the international financial agency on Thursday noted that the “average Nigerian could…
Read more
President Muhammadu Buhari has said that Nigeria’s new recession came about because of the severity of the global downturn caused by the COVID-19 pandemic following the nation’s decline in economic activity for the second time in five years. Declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’ on Monday in…
Read more
Britain’s economy has officially entered its “largest recession on record”, the Office for National Statistics revealed on Wednesday August 11. According to official data, the European nation contracted by a record 20.4 percent in the second quarter of coronavirus lockdown and after gross domestic product (GDP) contracted by 2.2 percent in the first three months of the year.…
Read more
Germany has being pushed into recession after official figures released on Friday May 15, that showed that the European country’s economy shrank by 2.2% in the first three months of this year, BBC reports. The figures released by the Federal Statistical Office of Germany, also showed revisions to 2019 fourth-quarter figures from zero growth to a contraction…
Read more
Chairman of Nigeria Governors Forum and Governor of Zamfara State, Governor Abdulaziz Yari has warned of an impending recession by mid-2020. Yari who spoke on Monday at the opening of the three-day retreat for returning governors and governors-elect in Abuja said that the current economic reality should prepare governors ahead of the possibility of another…
Read more
The Peoples Democratic Party, PDP, in Rivers State has slammed the Federal Government for stating that the nation’s economy is out of recession, asserting that there was no evidence to justify the claim. It maintained that the said exit from recession was a concocted claim to douse tension in the country and wondered how the…
Read more
The Nigerian economy has officially exited a painful recession according to data released by the National Bureau of Statistics (NBS). Nigeria’s economy recorded a marginal 0.55 percent growth in the second quarter (Q2) of 2017 after recording negative growth for five consecutive quarters, following multiple shocks, due to the crash in the price of crude…
Read more
Former Anambra governor, Mr. Peter Obi, has identified aggressive savings, diversification of economy through manufacturing and investment in education as what Nigeria needs to get out the current economic recession and turn its economy around. He regretted that the leaders of Nigeria have been unable to cultivate the saving habit and that has been responsible…
Read more
Data from Statistics South Africa in Pretoria showed that South Africa has entered recession for the first time in eight years. The data reveal that the first quarter contraction was led by weak manufacturing and trade as South Africa’s economy contracted by 0.7 per cent in the first three months of 2017 after shrinking by 0.3…
Read more
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele says the country will be out of recession by the third quarter of 2017. Emefiele made the statement on Tuesday, May 23, while speaking in Abuja, The Cable reports. “My view is that with all the positive signs we see: inflation tending downwards, GDP improving to the extent that…
Read more