Good News: Nigeria’s Economy Performed Better than the US, UK, others in 2nd Quarter -Presidency

Good News: Nigeria’s Economy Performed Better than the US, UK, others in 2nd Quarter -Presidency

The Presidency has stated that the nation’s economy, despite contraction, performed better than the economies of the United States, United Kingdom, France, Germany, and others in the second quarter of 2020.

The National Bureau of Statistics (NBS) presented some facts indicating that Nigeria’s Gross Domestic Product, GDP declined by –6.10% (year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but consistently improving positive real growth rates recorded since the 2016/17 recession.

NBS added that consequently, for the first half of 2020, the nation’s real GDP declined by –2.18% year-on-year, compared with 2.11% recorded in the first half of 2019.

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In a reaction to NBS’ figures, the Special Adviser to the President on Media and Publicity, Femi Adesina said the overall decline of -6.1% (for Q2 2020) and -2.18 percent (for H1 2020) was better than the projected forecast of -7.24% as estimated by the National Bureau of Statistics.

He pointed out that the figure was also relatively far better than most countries recorded during the same quarter.

Mr. Femi Adesina said: “Furthermore, despite the observed contraction in economic activity during the quarter, it outperformed projections by most domestic and international analysts.”

“It also appears muted compared to the outcomes in several other countries, including large economies such as the US (-33%), UK (-20%), France (-14%), Germany (-10%), Italy (-12.4%), Canada (-12.0%), Israel (-29%), Japan (-8%), South Africa (projection -20% to -50%), with the notable exception of only China (+3%).”

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He reflected that the government’s swift actions contributed immensely to dampening the severity of the pandemic on the country’s economic growth.

On the fiscal side, Adesina said that special intervention funds for the health sector and we’ll as good financing mechanism was designed to raise revenue to support humanitarian assistance in the nation.

“On the monetary side, the moratorium on loans, credit support to households and industries, regulatory forbearance and targeted lending and guarantee programs through NIRSAL were some of the measures implemented in response to the pandemic during the second quarter.”, he said.

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He pointed out that there is a gradual return of economic activities, including the possibility of international travel, due to the phased approach to easing the restrictions being implemented centrally and across States.

“Finally, it is anticipated that while the third and fourth quarters will reflect continued effects of the slowdown, the Fiscal and Monetary Policy initiatives being deployed by the government in a phased process will be a robust response to the challenges posed by the COVID-19 pandemic.”, he stated.

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