A lot of analysts believe Nigeria is sliding into a recession and have made this known is several online and media channels. Considering the slow down in GDP growth rate and drop in Government Revenue they have every reason to predict doom and gloom. However, one man who has been in the eye of the storm staunchly defending some of his controversial policies has come out again to debunk any thought of a recession.
Emefiele on Nigeria’s imminent recession;
“Nigeria is not sliding into recession. We have had two quarters of slow growth; even the global economy has revised its growth outlook from 3.8 per cent in April to three per cent at this meeting.
“That of Africa has been revised from five per cent to 3.75 per cent at this meeting. But it is even projected at 4.25 per cent in 2016. So everyone is affected.
“What we are saying is because we have seen two successive quarters of slow growth, we all need to embrace the policies that we are putting in place both by the monetary and fiscal authorities so that we can see a reversal, so that we can see increased growth, not slowing growth, so no one has talked about the fact that Nigeria is going into recession.
“We are only saying we need to work hard to begin to reverse the trend so that we can move towards positive growth rather than slowing growth.”
Of course Emefiele is entitled to his opinion no matter how patriotic and out of touch it may seem. Soon, we will know who was right or wrong.
