The Minister Of Information and Culture, Lai Mohammed, has said that the Federal Government is confident that with its intervention policies, and the fiscal monetary interventions put place the country’s current economic recession won’t last long and the country will soon be out of the second recession the country has been faced with in 5-years. 
The UN had stated last week that the country had slipped into another recession while the National Bureau of Statistics, NBS also confirmed that the had been hit with another recession a couple of days back.
Minister Of Information and Culture Lai Mohammed said during an interview on NTA earlier today Wednesday, November 25, Alhaji Lai Mohammed said the recession was almost inevitable due to the global collapse of oil prices that came along with the global Coronavirus pandemic. Lai Mohammed further said other countries like Finland, Hungary, Spain, and others have gone into recession due to the fall in the price of crude oil worldwide.
“It is true we are in a recession. Recession comes when a country records two consecutive quarters of negative growths. But we must go beyond that to understand that despite that, our economy is still very well in circumstances.
The main reason why we have entered into this recession is the oil sector. The oil sector recorded -13.89% and that is the worst in 14 quarters. Of course, it is easy to understand why; with the pandemic, there is low demand for oil…but when you look at the non-oil sector which is about -2.51 % in Q3, it is far better than what it was in the Q2.
Overall, yes, we are in a recession and it is inevitable but while our Q2 result was -6.1%, South Africa was -50% and as we speak today, Finland, Hungary, Spain, Mexico, Russia, Romania, Belgium, Austria have all fallen into recession.
But we are very confident that with the intervention policies, with the fiscal and monetary interventions the government has put in place, the recession will be short-lived.” he said
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