Nigeria risks 3rd recession in 7yrs, NACCIMA warns FG

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, (NACCIMA), has called on the Federal Government to urgently implement policies to prevent Nigeria from falling into a third recession by the end of 2022, noting that the declining trend in the nation’s economic growth is worrisome.

The National President, NACCIMA, Ide J. C. Udeagbala, gave the warning yesterday, in Lagos, at a press briefing to review the state of the economy and NACCIMA’s position on issues and policies.

Recall that Nigeria recorded a recession in 2016, followed by a second recession in 2020 occasioned by the Covid-19 pandemic, which caused a significant decline in oil revenues as global economic activities stalled for months.

Udeagbala noted that the Nigerian economy grew by 3.98% in the fourth quarter of 2021, a drop from 4.03% in the third quarter, and 5.01% in the second quarter of 2021.

A recession occurs upon two consecutive quarterly negative growth of Gross Domestic Product, (GDP).

Related news

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.