Nigeria’s exit from economic recession has no impact on citizens – Peterside

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.

READ ALSO: RipplesMetrics…How Nigeria entered, exited recession (Animation)

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.”

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