During the Virtual Deloitte Economic Outlook 2021, Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning outlined Nigeria’s Economic Recovery Plans For 2021, which revealed a reduced contraction of 3.6 percent in the third quarter of last year (2020), in comparison to the previous quarter.
The Minister stated, “By 2021, the economy will recover from recession. According to the International Monetary Fund (IMF), the Nigerian economy will rebound from the estimated contraction of -3.2 percent in 2020 to growth of 1.5 percent in 2021. From 2023 to 2025, Nigeria’s growth is projected to surpass that of the advanced economies.”
Mrs Zainab said that the Government’s hope for recovery, “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. Data for Q4 is expected from the NBS later this month.”
In the words of the Minister, “in achieving economic recovery, the Strategic Revenue Growth Initiative (SRGI) and Finance Act, 2020 will aid the economic recovery process of the Nigerian economy through initiatives and strategies that will grow fiscal revenues, improve the ease of doing business (EoDB), counteract the impact of oil price fluctuations and integrate fiscal, monetary and trade policies.”