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Bashir Ahmad says Nigerian economy not as bad as critics expected


– A top economist, Charlie Robertson said the Nigerian economy has outperformed most developed market economies in the second quarter of 2020

– Robertson made the statement in reaction to the when reacting to Nigeria’s economic report for the second quarter of 2020

– The economist’s view was also shared by Bashir Ahmad, an aide to the Nigerian president on new media

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Even though Nigeria’s Gross Domestic Production (GDP) dropped by 6.10% in the second quarter of 2020, Bashir Ahmad, an aide to the Nigerian president on new media has said the West African giant has outperformed most developed market economies in the second quarter of 2020.

The presidential aide made the state on Monday, August 23, shortly after the Nigeria Bureau of Statistics (NBS) released Nigeria’s economic report for the second quarter of 2020.

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Ahmad cited a global chief economist; Charlie Robertson who pointed out that the Nigerian economy has outperformed most developed market economies in 2Q20.

According to, Ahmad the numbers are down but not as bad as how the critics were expecting it to be.

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In another news, the NBS has released the Consumer Price Index (CPI)/Inflation report for the month of July 2020, with the country’s headline inflation rising to 12.82% from 12.56% in June.

According to the report, food inflation also rose to 15.48 percent in July from 15.18 percent in the previous month.

The report indicates that core inflation rose to 10.10 percent from 10.13 percent in June.

Meanwhile, the Nigerian economy is likely to enter another recession if it does not achieve strong economic performance in the third quarter of 2020, the country’s finance ministry has warned.

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Nigeria’s gloomy economic prospects were disclosed on Thursday, August 13, by the minister of state for finance, budget and national planning, Clement Agba when he appeared before the House of Representatives joint committees on Finance, Appropriation, budget, and economic development as well as loans, debt management, The Nation reported.

Agba told the lawmakers that the COVID-19 pandemic caused serious challenges for the Nigerian economy in the first half of 2020.

In another economy report, the ECOWAS Bank for Investment and Development (EBID) has provided support to the tune of $2.9 billion (N1,099,100,000,000) to West African countries.

According to the president of the bank, Dr. George Nana Agyekum Donkor, the decision is in line with the core duty of the bank to enhance the sub-region’s development agenda.

Speaking at the construction site of the Garden City Mall in Kumasi in the Ashanti Region, Dr. Donkor revealed that EBID was focused on the economic development of member states.

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