Shrinking economy: Nigeria’s situation better than others, says Presidency

s Domestic Product estimates which was published on Monday, giving itself thumbs up.

Key players in the nation’s economy, including the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry had said the government might not be able to service rising debts and fund budgets as the economy shrunk by 6.1 per cent. The statement read, “The government’s anticipation of the impending economic slowdown and the various initiatives introduced as early responses to cushion the economic and social effects of the pandemic, through the Economic Sustainability Programme contributed immensely to dampening the severity of the pandemic on growth.

“On the monetary side, moratorium on loans, credit support to households and industries, regulatory forbearance and targeted lending and guarantee programmes through NIRSAL were some of the measures implemented in response to the pandemic during the second quarter.

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