Nigeria may exit recession in Q1 2021, says Emefiele

The Governor, Central Bank of Nigeria has expressed optimism that Nigeria will emerge from recession by next March.

Emefiele who also projected a GDP growth of 2.0 per cent in 2021, made his projections at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Friday.

The CBN governor said given the impact of COVID-19 on key economic variables such as crude oil, the fiscal and monetary authorities had taken unprecedented measures to prevent long-term damage to the growth prospects of the economy.

He said that the impact of these measures along with the removal of restrictions on movement and resumption of international travel had led to improvement in key indicators of the economy, as several economic activities returned to positive growth.

“A sectoral assessment of economic activities in the third quarter indicates that the economy witnessed positive growth in key sectors such as Information and Communications Technology, Agriculture, Health, Construction, Finance and Insurance and Public Administration,” he said.

“With sustained implementation of our intervention measures, we do expect that the Nigerian economy could emerge from the recession by the first quarter of 2021, due to high frequency data that indicates continued improvement in the non-oil sector of our economy.

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