President Muhammadu Buhari has blamed the country’s current state of recession on the COVID-19 pandemic.
He said this on Monday in Abuja, while declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’.
Buhari who was represented by Vice-President Yemi Osinbajo said that the decline in the nation’s Gross Domestic Product (GDP) came after 12 successive quarters of positive growth. He also added that the lockdowns, disruption in global supply chains, business failures and rising unemployment caused the recent recession.
According to the Vice president the lockdown to contain the spread of Coronavirus infections Accross the country greatly affected the farming season as well as businesses, schools, hotels, restaurants and transportion which all came to halt as a result of the lockdown.
The economy only began to recover when these activities resumed and according to financial experts if the consistent, the peformance in the first quarter 2021 may only mean a better economy for the Nation.
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