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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

Shell Gets New VP

Shell has appointed a new Vice President for Nigeria and Gabon. He is Peter Costello and succeeds Markus Droll who assumes a new role of Executive Vice President, Projects in Shell International based in Rijswijk, The Netherlands, Premium Times reports.

Mr. Costello, an engineer by background has spent over three decades in the oil and gas industry, starting his career in British Gas and working in the UK, India, The Philippines, Thailand and Kazakhstan. He transferred to Shell following the combination with BG in June 2016.
Peter, who has assumed duty in Lagos, said:  “Given the exceptional talent here and the huge resource base of the country, I’m confident we can address the challenges in our operating environment, and continue to deliver real value to all stakeholders. My sentiments for Gabon are similar as we work to reposition our business and take advantage of new opportunities.”

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