‘Technically, Nigeria is in recession’ – Finance Minister

The Minister of Finance, Kemi Adeosun, has confirmed that the Nigerian economy is in recession.

Speaking with Senators on the state of the economy, Adeosun projected that the economy will however grow further. Even as she added that Nigeria, despite the recession, is still the largest economy in Africa.

She faulted the IMF’s position that the Nigerian economy will contract further.

Adeosun said, “Is Nigeria in recession? Technically. If you go into two quarters of negative growth, technically, we are in recession. But I don’t think we should dwell on definitions. I think we should really dwell on where we are going. I think if we are in recession, what I will like to say is we are going to come out of it and it would be a very short one because the policies that we have would ensure that we don’t go below where we need to go and I think with what we are doing, we would begin to turn the corner I believe by Quarter Three.”

“We are not the only country in recession; many countries are doing far worse than us. But for Nigeria, what Nigerians want to know is ‘how’s that going to affect me’ and I want to assure everybody that what we are doing is going to work and it’s going to turn this economy around.”

She insisted that despite the recession Nigeria’s economy was still the largest in Africa.

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