Business

Lai Mohammed blames recession on OPEC oil cut 

Downturn will be short 

Minister of Information and Culture, Lai Mohammed, yesterday, stated that Nigeria’s commitment to meet Organisation of the Petroleum Exporting Countries (OPEC) cuts was majorly responsible for the slowdown in the performance of the economy.
   
He, however, assured Nigerians that the current recession would be short-lived and that the country would return to positive growth soon, unlike the 2016 recession, which lasted for five quarters.
 
The minister added that complementary fiscal, real sector and monetary interventions proactively introduced by the government to forestall a worse decline and alleviate the negative consequences of the pandemic were in place.

Source: guardian.ng