Experts Proffer Solutions As Nigeria Slides Into Recession

National Bureau of Statistics

The NBS figure showed that growth in Q3 2020 was slower by 5.90 per cent points when compared to the third quarter of 2019 which recorded a real growth rate of 2.28 per cent year on year. This performance was 3.39% higher when compared to the third quarter of 2019 which recorded an aggregate of N37,806,924.41 million, based on the latest GDP figures. This rate was, however, lower relative to growth recorded in the third quarter of 2019 by –9.91% points but higher than the preceding quarter by 6.19% points. For clarity, the Nigerian economy has been broadly classified into the oil and non-oil sectors.

The non-oil sector was driven mainly by Information and Communication , with other drivers being Agriculture , construction, financial and insurance , and Public Administration. “I see a quick V-shaped recovery as the effect of COVID’19 recedes and the impact of the interventions by the government and CBN begin to manifest including the implementation of the Economic Sustainability Plan,” Nigeria’s first professor of Capital Markets, Uche Uwaleke Uwaleke of the Nasarawa State University stated.

This, he said, explains why even though they are still in the negative territory, sectors like manufacturing, trade, transportation and education recorded improvements over the Q2 numbers. Olawale noted that the cumulative effects of the COVID-19 pandemic, which almost caused a global economic meltdown with serious impact on the Nigerian economy and the attendant lockdown, contributed to the negative contractions.

“We call for more robust and comprehensive expansionary fiscal and monetary policy packages to expeditiously reflate the economy out of the current crisis”. Agbakoba who is a founding partner of Olisa Agbakoba and Associates, a maritime law firm, gave the advice yesterday in Lagos at a forum organised by the Finance Correspondents Association of Nigeria .

He warned the government not to involve itself in the running of enterprises, stating that what the country needed was a new economic planning and ideology.

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