The Federal Government of Nigeria says the COVID-19 pandemic is responsible for the recession currently witnessed in the country.
President Muhammadu Buhari represented by Vice President Yemi Osinbajo, disclosed this at the 26th Nigerian Economic Summit in Abuja.
“…during the lockdown, farming did not take place, businesses were closed; schools were closed as were hotels and restaurants. “Also airlines stopped flying, while inter-state commerce was disrupted,” he said.
“The economy only began to recover when these activities resumed and if we are able to sustain the nearly three percentage point increase from the second quarter decline of minus 6.1 per cent, the performance in the fourth quarter could take us into positive territory,” he added
The theme of the Nigeria Economic Summit is “Building Partnerships for Resilience’’.