Recession exit: Nigeria Says Economic plan working

Nigeria’s recent exit from recession has shown that the Economic Sustainability Plan (ESP) is working, the presidency has said.

Spokesperson for Vice President Yemi Osinbajo, Mr Laolu Akande said citizens should expect more as the implementation of the plan has reached momentum stage.

Akande spoke while briefing the media on ESP progress and also his reaction to the GDP figures bandied for the last quarter of 2020.
Economic Confidential recall that the Federal Executive Council approved the ESP plan last June last year and the Vice President was asked to lead the implementation of the plan.
The plan was targeted at checking the recession and putting cash in the hands of Nigerians after the economic fallouts of the pandemic.
Nigeria slipped out of recession in the last quarter of 2020 as a GDP growth of 0.11 percent was recorded.

The Vice Presidential spokesperson noted that right from Q3 2020, the economy was already on a recovery route stressing that the latest fourth-quarter figures show that the recovery of the Nigerian economy is a steady one.

“Like we explained late last year after the release of the third-quarter figures, the Economic Sustainability Plan, which was a calculated intervention by the Buhari Presidency, is driving the Nigerian economy in the right direction-upwards, and Nigerians can expect more because the administration is unrelenting in its determination to pursue the steady recovery and growth of our economy,” Akande said.