Tag: recession
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Nigeria exited recession ‘faster than expected’ – World Bank
The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted. “Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 Q3, and expanded by 0.1 percent in 2020 Q4, moving out of recession faster than expected,” the bank said in its…
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Essential commodities are back – Dele Sobowale
Dele Sobowale “History does not repeat itself; man does.” Professor Barbara Tuchmann, Harvard University, USA. One man who is currently repeating himself, to the sorrow of Fellow Nigerians, is President Buhari. History has already recorded that as Military Head of State in 1984 to August1985, he led Nigeria to the first economic recession since independence.…
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Exit from recession much ado about nothing, By Dele Sobowale
“Nigeria’s GDP in the fourth quarter of 2020 grew by 0.11 per cent in real terms in the fourth quarter of 2020. this follows, if you will recall, two consecutive negative growth in the third quarter and second quarter of 2020, which saw the country going into recession. As a result of this fourth quarter…
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How Nigeria survived, exited second recession despite COVID-19 – Minister
The Minister of Information and Culture, Alhaji Lai Mohammed, says Nigeria did not exit the latest recession by accident, but with “hardwork, foresight and deliberate planning by government.” The minister stated this on Saturday when he featured on a monitored Channels Television programme. TheNewsGuru.com, TNG reports that Nigeria slipped into recession for the second time…
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BREAKING: Nigeria exits recession, records 0.11% growth in Q4
The National Bureau of Statistics (NBS), says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signaling a gradual recovery from recession. TheNewsGuru.com, TNG reports that the economy slipped into its second recession in five years in November 2020 as the gross domestic product…
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U.S. economy recession worst performance since 1946 -Report
The U.S. economy contracted at its sharpest pace since World War 11 in 2020, as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty. The economy contracted 3.5 per cent in 2020, the worst performance since 1946. That followed 2.2 per cent growth in 2019 and…
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Leadership: Addressing the Challenges of a Recession, By Dr Alim Abubakre
While the COVID-19 pandemic has caused a virulent recession in many countries globally, Nigeria’s case is a much direr. Even before COVID-19 struck, Nigeria was already suffering from the adverse consequences of collapsing oil prices. Hence, without effective and impactful strategic leadership, the virus could aggravate the pain of an already hard-biting recession. For organisations…
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Recession 2020: The present is bad, future bleak – Dele Sobowale
By Dele Sobowale By now every Nigerian knows the truth. Nigeria is in a recession. The dreadful result was summarised for us this way in PUNCH, November 22, 2020. “The NBS, in its Gross Domestic Product report for Q3, said the GDP, the broad measure of economic prosperity, fell by 3.62 per cent in the…
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Recession: No plan to review 2021 spending estimates, says Buhari’s finance minister
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday in Abuja, said there is no plan to review the 2021 budget currently before the National Assembly. She has also allayed the fears of federal civil servants that the country’s entering into recession might stall salary payments of workers. Briefing journalists after the…
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FG allays fears, states when Nigeria will exit recession
The Federal Government on Monday said Nigeria will move out of recession either in the fourth quarter of this year or in the first quarter of 2021. The government said the nation’s second recession in five years would be short-lived. Zainab Ahmed, Minister of Finance, Budget and National Planning disclosed this on Monday at the…