The federal government has said the country’s economy is recovering from the setback suffered due to the pandemic.
The economic recovery, according to Finance, Budget and National Planning Minister Zainab Ahmed, is reflected in the reduced contraction of 3.6 per cent in the third quarter of 2020, compared to the previous quarter.
Besides, some economic activities are showing resilience by recording strong positive growth, Zainab Ahmed said during the recently held virtual Deloitte Economic Outlook 2021, where she outlined Nigeria’s Economic Recovery Plans for 2021.
“By 2021, the economy will recover from recession. According to the International Monetary Fund (IMF), the Nigerian economy will rebound from the estimated contraction of -3.2 per cent in 2020 to growth of 1.5 per cent in 2021,” she said.
Continuing, the minister said: “From 2023 to 2025, Nigeria’s growth is projected to surpass that of the advanced economies.”
She listed the following sectors as recording the biggest gains in GDP growth in Q3 2020: construction – 2.8 per cent; broadcasting – 3.5 per cent; quarrying and other mineral production 41.8 per cent; telecommunications 17.3 per cent; cement manufacturing 11.9 per cent; financial institutions 6.8 per cent; chemicals and pharmaceuticals 6.6 per cent; food and beverage manufacturing 5.6 per cent; and public administration – 3.6 per cent.
She added: “While there is always a lag between intervention and outcome, we can already see benefits on the economy as recorded in the better-than-expected results for Q3 2020. Data for Q4 is expected from the NBS later this month.”
