The founder of Stanbic IBTC, Atedo Peterside, has played down the significance of Nigeria’s exit from economic recession.
Peterside, who reacted to the country’s exit from recession on his Twitter handle, said the development has not stopped more Nigerians from entering poverty.
Ripples Nigeria had reported that the country’s economy rebounded by 0.11 percent in the fourth quarter following two consecutive contractions in 2020.
However, Peterside was not impressed by the feat because it has little or no impact on Nigerians.
He said while Nigeria is celebrating exiting recession, the country should remember the economy contracted by 1.92 percent for one full year.
He wrote: “Whilst celebrating Nigeria coming out of recession in Q4 2020, please let us remember that the economy contracted by 1.92 percent for the full year; most severe annual contraction that we have suffered since 1991. The bottom line is that poverty/ unemployment increased @officialNESG.
“A recession is defined by two consecutive quarters of negative growth. As soon as a single quarter achieves tiny positive growth of even 0.01 percent then you have exited a recession in that quarter, even though your overall situation for the year is one of contraction or negative growth.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...