Economics Today : " Nigeria's Return To Recession, not A Strange Story to Many Of Us"- Property mogul, Iheoma
In a world industry leaders international magazine report recently, quoiting agency reports, we revealed that Africa’s biggest economy has sunk into its second recession in less than five years, battered by the oil price crash brought on by the coronavirus pandemic.
As Nigeria’s crude oil production fell to a four-year low, gross domestic product contracted by 3.6 per cent in the three months through September, after shrinking by 6.1 per cent in the previous quarter, according to official data released Saturday.
Two consecutive quarters of economic contraction means that Africa’s biggest crude producer has officially fallen into recession. It had barely begun to recover from the recession that followed the 2015 oil price crash.
The IMF has forecast that the Nigerian economy will contract by 4.3 per cent this year, which would be the largest contraction in nearly 40 years.
Yvonne Mhango, sub-Saharan Africa economist for Renaissance capital said it was encouraging that the non-oil sector’s decline was 2.5 per cent year-on-year during the quarter, compared to around 6 per cent in the second quarter.
But in a swift reaction, international business and property tycoon, Deacon Nnamdi Iheoma ,the CEO / MD Sales People property limited has said the story of Nigeria's return to recession is not strange
" Our people are used to recession, its not big deal, even before it was officially reported,many Nigerians are sadly living in terrible conditions, many can't even feed on the standard three square meal's, so what is big deal on recession news "
Asked the way forward, Iheoma said ," This Government with all her unfavorable polices have let us down, how long will Nigeria be solely depending on oil, and ignoring all the abundant human and natural resources we are blessed with
" My candid advice is that we all roll up our sleeve's, think inwards and be less dependent on Government, its time to really seek the face of God if we must get out of this recession in no distance time" he emphasises