The Federal Government has again affirmed that the nation’s economy will rebound from the estimated contraction of -3.2 per cent in 2020 to growth of 1.5 per cent in 2021. In addition, it forecasts the economy will between 2023 and 2025 attain growth that will surpass that of the advanced economies.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, stated this recently in a presentation of the Federal Government’s Economic Recovery Plans For 2021at the virtual Deloitte Economic Outlook 2021. This is according to statement issued by her Media Assistant, Mallam Tanko Abdullahi Yunusa.
The minister said economic activities in Nigeria are recovering as reflected by a reduced contraction of 3.6 per cent in the third quarter of 2020, compared to the previous quarter. She said: “The following sectors recorded 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.”
Recall that the National Bureau of Statistics (NBS) projected a higher growth of 3 per cent for Nigeria in 2021. In line with the projection, Ahmed said the Federal Government was accelerating economic recovery from recession and return to diversified, sustainable and inclusive economic growth. She added: “The expectation is anchored on the various interventions introduced to cushion the negative consequences of the pandemic. 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.”