Nigeria Will Exit Recession Soon - Minister of Finance, Zainab Ahmed

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigeria will be out of the recession soon. Over the weekend, Nigeria slid into its worst economic recession in over three decades. Gross domestic product (GDP) numbers released by the National Bureau of Statistics on Saturday, November 21, indicates the nation recorded a contraction of 3.62 percent in the third quarter of 2020, causing it to slide into another recession. While speaking at the ongoing 26th Nigerian Economic Summit organized by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning, on Monday, November 23, the Minister of Finance said the country would emerge from the recession in the fourth quarter of 2020 or by the first quarter of 2021. She blamed the recession on the global Coronavirus pandemic which has forced other economies in other countries into recession. Ahmed said other countries also in recession, including the United Kingdom, the

500 Residents Lose Their Homes In Anambra

A report by Daily Trust indicates that 500 people in Anambra state have been sacked from their homes following an erosion menace.

The incident which happened in Enugwu-Ukwu community in Njikoka local government area, has taken over 70.5 hectares of the communal land with over 2km in length.

The disaster washed away many farmlands, economic trees and public utilities. It also washed away about 100 homes and left many others under threat.

Meanwhile, officials of the Nigeria Erosion and Watershed Management Project (NEWMAP) have visited the site to ascertain the level of damage of the disaster. A community leader of Urunnebo village, Enugwu-Ukwu, Mr Nwadinigwe Emmanuel, yesterday, October 9, stated that the disaster had lasted more than 30 years.

He said leaders of the affected community tried to control the erosion at the initial stage through planting of bamboo and melina trees, but the efforts were futile.
On his part, the Anambra state project coordinator of NEWMAP, Michael Ivenso, implored the residents to embrace positive environmental practices to ensure that further damage was not done, even as he assured them that remedial work would start in the area in the near future. Last week, a public school in Delta state was sacked by flood that wreaked havoc on the state capital, Asaba at the early hours of Monday, September 26, 2016.
The torrential downpour that started as early as 7am continued for over three hours breaking through fences, and took over offices in the old state secretariat in Asaba.
Photo Credit: Daily Trust