Economic recession udoma says nigerias economy will pick next quarter

You're referring to the statement made by Udoma Udo Udoma, the former Minister of Budget and National Planning in Nigeria.

In 2016, Nigeria was facing a severe economic recession, which was triggered by a combination of factors including a decline in oil prices, a drop in oil production, and a sharp depreciation of the naira. The recession had a significant impact on the country's economy, leading to high levels of unemployment, inflation, and poverty.

In response to the economic crisis, the Nigerian government implemented a number of measures aimed at stimulating economic growth and recovery. These measures included a fiscal stimulus package, which involved increasing government spending and cutting taxes, as well as a monetary policy response, which involved reducing interest rates and increasing liquidity in the financial system.

In an interview with Bloomberg in 2017, Udoma Udo Udoma, who was the Minister of Budget and National Planning at the time, predicted that Nigeria's economy would recover in the second quarter of 2017. He stated that the government's economic recovery plan was on track and that the country was expected to exit the recession in the second quarter of the year.

However, Nigeria's economy did not recover as quickly as expected. The country's GDP growth rate remained negative in the second quarter of 2017, and it wasn't until the third quarter of 2017 that the economy finally emerged from recession.

Despite the delay, Nigeria's economy has made significant progress since then. The country's GDP growth rate has been positive since 2017, and the economy has been growing at an average rate of around 2% per year. The government has also implemented a number of reforms aimed at promoting economic growth and diversification, including the establishment of a sovereign wealth fund and the development of a national infrastructure plan.

In summary, while Udoma Udo Udoma's prediction that Nigeria's economy would recover in the second quarter of 2017 was not accurate, the country's economy has made significant progress since then and is expected to continue growing in the future.