President Muhammadu Buhari on Thursday said the country was primed for a second recession in four years although the government has put in place plans to ensure rapid recovery in 2021.
The President made the remarks during the presentation of the 2021 budget proposal to the National Assembly. Like many other countries, the Nigerian economy has been hit hard by the coronavirus pandemic which drastically cut the demand for oil, the country’s top revenue earner.
Before the pandemic, the country was on a three-year trend of modest but positive GDP growth. The government’s plans to revive the economy include a focus on skills development exemplified by the Special Public Works programme which aims to provide employment opportunities to 774,000 young people across the country.