The Nigerian economy contracted by 3.62% on Q3’20. While this shows an improvement of 2.48% relative to a negative growth of -6.1% in the 2nd quarter of 2020, it indicates that the economy is officially in a recession. This is the second recession in barely 5 years.
The pace of economic recovery will be largely dependent on the robustness of fiscal, investment and monetary policies. The MPC at its just concluded meeting left all monetary parameters unchanged to strike a balance between supporting economic growth and ensuring macroeconomic stability.
In the publication, the FDC Think-Tank analyzes the GDP numbers for Q3 and its implications.
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