Lillian Akhigbe, Communications Manager, in a statement on Thursday, noted that successive governments at all tiers neglected Small and Medium-scale Enterprises .
“While the economy entered into recession in the third quarter, the trend of the growth suggests that this will be a short-lived recession and indeed by the fourth or, at worst, the first quarter of 2021, the country will exit recession”, she assured. “The economic growth rate in recent years has been alarmingly low and too insignificant to translate into positive improvements in the living conditions of the citizens. Between 2015 and 2020, Nigeria’s GDP growth rate oscillated at an average of 2.5%, compared to previous years – 2012, 2013 and 2014 – which saw the GDP growth rate exceeding 5% average.”
‘With an over-dependence on crude oil as the major source of the nation’s revenue and Forex, the Nigerian economy remains susceptible to the volatility of the oil market. There is no gainsaying that until the economy is diversified, Nigeria will continue to experience economic recessions intermittently.
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