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Nigeria’s exit from recession: Presidency boasts, says economic plan working

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Osinbajo

The presidency has boasted that Nigeria’s exit from recession is a key indicator that its ongoing Economic Sustainability Plan (ESP) approved by the federal government is working,

Laolu Akande, spokesperson for Vice President Yemi Osinbjo, who made the claim said Nigerians should expect more as the implementation of the plan is gathering greater momentum.

Recall that the president and the Federal Executive Council approved the ESP plan last June and the Vice President was asked to lead the implementation of the plan.

This medium gathered that the ESP is aimed, among others, at preventing a deep recession and putting cash in the hands of Nigerians after the economic fallouts of the pandemic.

Osinbajo’s aide added that right from Q3 2020, the economy was already on a rebound adding that the latest fourth-quarter figures show that the recovery of the Nigerian economy is a steady one.

According to him, “Like we explained late last year after the release of the third-quarter figures, the Economic Sustainability Plan, which was a calculated intervention by the Buhari Presidency, is driving the Nigerian economy in the right direction-upwards, and Nigerians can expect more because the administration is unrelenting in its determination to pursue the steady recovery and growth of our economy.”

He explained further that the Economic Sustainability Plan is entering into an even more potent phase with the revving up of plans to install 5 million solar installations across the country and the social mass housing plan that will result in hundreds of thousands of affordable houses for ordinary Nigerians.

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Techeconomy.ng reported that the Gross Domestic Product grew by 0.11%(year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.

The report released by the NBS on Thursday, February 18, showed that Nigeria’s economy is believed to have begun to find a way of escape from the recent recession.

Though weak, the Bureau of Statistics explained that the positive growth reflects the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters.

 

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  1. Pingback: Nigeria’s exit from recession: Presidency boasts, says economic plan working - 9jaheadies

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