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

FG Vs Shell Suit

Nigerian courts have adjourned until December 8 a suit against Shell’s Nigerian subsidiary SPDC over claims that the company owes money for allegedly not declaring exports of crude oil, Reuters reports.

The Nigerian government said it is owed a total of $12.7 billion by more than a dozen companies for......
allegedly not declaring exports of crude oil to the United States between 2011 and 2014. The amount it is seeking from Shell was not immediately clear.

Shell said SPDC was served with the lawsuit in March, and that it “refutes every allegation and insinuation of impropriety.” U.S. oil company Chevron, France’s Total and Italy’s ENI have also previously been named as defendants.