Despite negative growth, Nigeria’s economy not bad — Lawan
Although Nigeria’s economy witnessed a contraction of -6.10 per cent in the second quarter of 2020, the Senate President, Ahmad Lawan, has said it is not doing badly.
He made the
statement at the end of Thursday’s meeting of the Council of State, chaired by
President Muhammadu Buhari.
The lawmaker said
top among the topics discussed at the meeting is the impact of COVID-19 on the
economy and what the government is doing to keep the economy going.
He said he is
impressed with what has been achieved in the area of ensuring that the economy
stays afloat, despite the negative growth.
According to data
released by the Nigeria Bureau of Statistics (NBS), the contraction, which is
the largest in Nigeria’s economy in at least 10 years, was largely caused by
the impact of the coronavirus pandemic, as Nigeria shut a large part of her
economy during the period.
“The decline was largely
attributable to significantly lower levels of both domestic and international
economic activity during the quarter, which resulted from nationwide shutdown
efforts aimed at containing the COVID-19 pandemic,” the NBS said.
In his remarks, Mr
Lawan said Nigeria is not in a difficult situation, when compared to other
countries.
“Yes we still have a
long way to go, we know where we would have loved to be, but when you are faced
with COVID-19, you know that this is a global pandemic and no country has been
spared and when you compare your performance in the area of economy with other
giants, more robust economies like the USA and Germany, you’ll be happy that
you have experienced only -6 downturn in your economy when others have 19,
others have even more, those are economies that are stronger, that have put in
more resources to address the COVID-19 challenges.
“We have tried to
put in what we can, but I think the secret here is we have been able to sustain
what we are doing even with lesser resources, but I think -6, as reported by
the NBS, that’s the downwards turn in our GDP. Ordinarily we shouldn’t be happy
with it, but in the current circumstance where every country is experiencing
this kind of thing, South Africa, the second largest economy in Africa, is
experiencing worse.”
While he commended
the performance of the Presidential Task Force on COVID-19, he admonished the
government to work on a post-COVID-19 economy.
“We should continue
to invest to ensure that we protect the employment of our people so that our
people don’t fall into joblessness. We should provide palliatives as much as we
can for those who are so disadvantaged and require the support of the federal
government,” he said.
His comments comes
barely 48 hours after the presidency made similar remarks, hailing the
performance of the economy.
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