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How Nigeria exited COVID-19 triggered recession – Pantami




Isa Ali Pantami, Minister of Communication and Digital Financial system, says digital innovation helped Nigeria to stem the tide of the recession attributable to coronavirus.

Within the final quarter of 2020, Africa’s most populous nation entered the worst financial decline in additional than three a long time.

Months earlier, the World Financial institution warned that the pandemic and the crash of oil costs may plunge the economic system right into a credit score crunch final witnessed within the Eighties.

On Monday in Abuja, Pantami stated calculated insurance policies and programmes in his ministry fastracked Nigeria’s early exit from recession.

He spoke on the unveiling of “Digital Innovation for Financial Prosperity in Nigeria”, a compendium of Nationwide Data Know-how Growth Company (NITDA) actions.

Pantami assured residents that the federal authorities is eager on growing the nation’s digital sector.

Nigeria is witnessing rising funding in e-commerce, cell software, internet marketing, cloud computing, high-frequency buying and selling, and on-line cost providers.

The minister noticed that digital innovation has led to a shift from the standard economic system into the digitalized one, reworking the nation’s and international economies.

“In 2020, Nigeria was capable of exit the COVID-19 triggered recession by means of the influence of digital innovation”, he stated.

Pantami cited the Nationwide Bureau of Statistics (NBS) Fourth Quarter Gross Home Product (GDP) Report which confirmed that the Data and Communications Know-how (ICT) sector grew at 14.70%.

“It’s the quickest rising sector, quicker than the aggregated development charges of the second to sixth quickest rising sectors”, the minister added.

In attendance have been Kashifu Inuwa, NITDA Director Common; Editor-in-Chief of PRNigeria, Yushau Shuaib; Chairman, Board of Administrators of IMPR, Sule Ya’u Sule, TechDigest Managing Director, Inyene Ibanga, amongst others.

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