The presidency announced it has approved an external borrowing plan after the cash-strapped African economy plunged into recession
The government said the loans would be used mainly in the agriculture, power, mining development and healthcare sectors
Nigeria has been going through economic challenges and has officially been declared to be in recession
The presidency has announced it has approved an external borrowing plan after the cash-strapped African economy plunged into official recession.
President Muhammadu Buhari’s office in a series of tweets revealed this on Thursday, September 8.
Read the tweets below:-
The president who had earlier spoken about Nigeria’s current economic challenge expressed optimism in things getting better.
Nigeria has been going through economic challenges and has officially been declared to be in recession but the president said he will continue o work to stabilise the country.
Recession in Nigeria was confirmed last month, when official data showed output in the three months to the end of June fell 2.1% the second successive quarter of negative growth.
That followed months of turmoil including a failing currency, rising double-digit inflation, and foreign exchange shortages that have hit business, especially imports and investment.