Nigeria’s Economy may emerge from recession in 2021 Q1, says Emefiele

CBN governor Godwin Emefiele.

The Central Bank of Nigeria (CBN) has predicted that the nation’s economy may emerge from recession in the first quarter of 2021. CBN Governor, Godwin Emefiele, who made the prediction on Friday during the 55th annual Bankers Dinner which held in Lagos, noted that the expected economic growth was two per cent.

“With the sustained implementation of our intervention measures, we do expect that the Nigerian economy could emerge from the recession by the first quarter of 2021,” he said. “We also expect that growth in 2021 would attain 2.0 per cent. However, downside risks remain, as restoration of full economic activities, particularly in service-related sectors, remains uncertain until a COVID vaccine is produced and made available to millions of people across the world.

“Second, with the significant rise in cases in advanced markets and the imposition of lockdowns in parts of Europe, concerns remain on the impact this could have on growth in advanced economies, commodity prices and the financial markets.”


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