Nigeria will return to a situation where we can say we are not into recession – CBN
The central Bank of Nigeria (CBN) has said Nigeria will return to a situation where we can say we are not into recession.
According to a prediction from CBN Governor Emefiele who predicted negative Gross Domestic Product growth for the country he reveals that there is need to work together towards achieving a vibrant economy. He predicted negative Gross Domestic Product growth for the country in the second quarter of 2020 owing to the COVID-19 pandemic that had affected the economy.
Emefiele explained further after the Monetary Policy meeting in Abuja on Thursday saying that the reason was that the Nigerian economy, just like the global economy, was shut down during the month of April and May substantially and partially in June.
This as he explains affected the U.S, Europe, and China economies as well as developing countries.
However, in a brief summary of the meeting it reads as seen below:-
“As we begin to see the easing of the lockdown, business begins to come back alive again, we all need to move very aggressively and fast to see that corporate activities are pushed to an extent where if we are lucky, third-quarter growth may come out positive.
“If this is achieved, Nigeria will return to a situation where we can say we are not into recession” he continued.