Nigeria set for 3rd economic recession in 7yrs by year end

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Nigeria set for 3rd economic recession in 7yrs by year end BIG

LAGOS

Nigeria recorded a recession in 2016, followed by a second recession in 2020 occasioned by the COVID-19 pandemic

Unless remedial policies are urgently implemented, Nigeria is set to enter a third recession by the end of 2022. This is the warning by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) while noting that the declining trend in the nation’s economic growth is worrisome.

National President, NACCIMA, Ide J. C. Udeagbala, sounded the alarm last week, in Lagos, at a press briefing to review the state of the economy and NACCIMA’s position on issues and policies. Nigeria recorded a recession in 2016, followed by a second recession in 2020 occasioned by the COVID-19 pandemic, which caused a significant decline in oil revenues as global economic activities stalled for months.

Udeagbala noted that the declining growth of the economy is very concerning, and the position of the Association is that there is a very urgent need for policy implementation to avert a third recession of this decade by the end of 2022. The NACCIMA president further stated: “The Nigerian economy is operating below its productive capacity, as reflected in the high unemployment rates; we are struggling to meet our economic development objectives; the economy is still heavily import dependent for consumption and production; and dependent on crude oil for government revenues and foreign exchange.

He called on the legislative and executive arms of government to work together by taking urgent steps to reverse the current trend of increasing public debt and declining economic growth.

www.afrotimesnews.com

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