Nigeria’s economy is on its path to recovery, according to Laolu Akande, Senior Special Assistant on Media and Publicity to Vice-President Yemi Osinbajo who says that predictions by critics can be rubbished.
Akande said this in reaction to the latest report released by the National Bureau of Statistics which showed that Africa’s biggest economy entered a second recession in five years.
It had been reported that in the midst of a rising debt profile, inflation and unemployment, Nigeria’s economy shrank again in the third quarter of this year.
According to data obtained from the World Bank, this year’s recession is the worst in 36 years as the country’s Gross Domestic Product dropped by 10.92 per cent in 1983 and 1.2 per cent in 1984.
In its report for the third quarter of 2020, the Nigerian Bureau of Statistics said the GDP, the broadest measure of economic prosperity, fell by 3.62 percent in the three months up till September.
But speaking in defense of the administration, Akande said even the figures speak the truth that Nigeria’s economy is on its way to recovery. He attributed this mainly to the Economic Sustainability Plan put in place by President Buhari.
He added that regime of President Muhammadu Buhari has been prudent with public finances and have only borrowed to re-fleet the economy.