Despite the latest figures of the Nigeria Bureau of Statistics (NBS) showing negative growth, Senate President Ahmed Lawan, has said Nigeria’s economy was not doing badly.
Lawan disclosed this to State House correspondents after the Council of State meeting presided over by President Muhammadu Buhari at the Presidential Villa Abuja yesterday.
According to him, the COVID -19 pandemic has had a negative impact on all economies all over the world.
He further explained that compared to more robust economies like the USA and Germany, the Nigerian economy has performed comparatively well.
He said “Yes we still have a long way to go, we not where we would have loved to be, but when you are faced with COVID-19, you know that this is a global pandemic.
“No country has been spared and when you compare your performance in the area of economy with other giant, more robust economies like the USA and Germany, you’ll be happy that you have experienced only -6 downturn in your economy when others have 19, others have even more, those are economies that are stronger, that have put in more resources to address the COVID-19 challenges.
“We have tried to put in what we can, but I think the secret here is we have been able to sustain what we are doing even though with lesser Resources, but I think -6, as reported by the NBS, that’s the downwards turn in our GDP.
“Ordinarily we shouldn’t be happy with it, but in the current circumstance where every country is experiencing this kind of thing, South Africa, the second largest economy in Africa, is experiencing worse.
“We are not doing badly, but that is not to say we should be complacent, I think we should continue to work on the post-COVID-19 economy that we are looking at.