Despite the reverse of the economy occasioned by the impacts of the COVID-19 pandemic, the presidency has said Nigeria’s economy performed better than many other countries including those with large economies, with the exception of China.
A statement by the presidential spokesman, Femi Adesina, said this in response to the 2nd Quarter (Q2) 2020 Gross Domestic Product (GDP) estimates which was released by the National Bureau of Statistics (NBS) on Monday.
It said, “Furthermore, despite the observed contraction in economic activity during the quarter, it outperformed projections by most domestic and international analysts.
“It also appears muted compared to the outcomes in several other countries, including large economies such as the US (-33%), UK (-20%), France (-14%), Germany (-10%), Italy (-12.4%), Canada (-12.0%), Israel (-29%), Japan (-8%), South Africa (projection -20% to -50%), with the notable exception of only China (+3%).”
The presidency said the phased approach to easing the restrictions being implemented centrally and across states has resulted in a gradual return of economic activities.
However, it said the Fiscal and Monetary Policy initiatives being deployed by the government in a phased process will be a robust response to the challenges posed by the COVID-19 pandemic.
“The government’s anticipation of the impending economic slowdown and the various initiatives introduced as early responses to cushion the economic and social effects of the pandemic, through the Economic Sustainability Programme (ESP), contributed immensely to dampening the severity of the pandemic on growth.”
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