Finmin Ahmed: Economic Sustainability Plan will help Nigeria exit recession

Nigeria's Minister of Finance, Budget and National Planning, Zainab Ahmed, recently affirmed that there are no intentions to revise the 2021 budget currently under review by the National Assembly. Addressing concerns over the recession, Ahmed expressed optimism in the implementation of the 12-month Economic Sustainability Plan, aiming to propel Nigeria out of the economic downturn and back on the growth trajectory. However, experts in the field have raised doubts about the feasibility of such a quick recovery. Femi Oladehin, Investment Banking Partner at Argentil Capital Partners, and Bongo Adi, Senior Lecturer at the Lagos Business School, shared insights during a CNBC Africa interview focusing on the challenges facing Nigeria's economy. The conversation highlighted the reliance on oil, inflationary pressures, and budget projections as key areas of concern. While the government aims to stimulate growth through the Economic Sustainability Plan, obstacles persist, nudging the nation towards a prolonged recovery process. The discussion shed light on critical issues such as supply disruptions, revenue generation, and debt management, pointing towards a complex economic landscape brimming with uncertainties. As Nigeria navigates through these turbulent times, the path towards sustainable growth remains elusive, overshadowed by looming challenges that demand decisive actions and prudent policy measures.