An economist, Prof. Ben Aigbokhan, has predicted that Nigeria’s economy would recover from depression as soon as possible with the measures being put in place by President Muhammadu Buhari.
Aigbokhan, the President, Nigeria Economic Society, made the prediction in an interview with the News Agency of Nigeria, NAN, in Abuja on Sunday.
He praised the Federal Government for not folding its hands and doing everything possible to improve the living conditions of Nigerians.
``I think between now and the last quarter the government is going to release some amount of money for the capital projects.
``So, the government will want to be seen doing something, that is why I’m optimistic that the country will come out of recession,’’ he said.
The economist, however, disagreed with the International Monetary Fund’s (IMF) forecast that Nigeria’s economy would probably contract by 1.8 per cent in 2016.
The IMF forecast says Nigerian economy will now grow at a much slower pace than South Africa’s, which is expected to grow at 0.1 per cent in 2016.
Aigbokhan said: ``I am not as pessimistic as the IMF, you know how IMF forecast do go; sometimes they use it to put pressure on government to act.
``So, I don’t think Nigeria’s economy will grow at minus 1.8 per cent. No! Things will not be that bad.
``One, oil production is picking up, and (secondly), the rate of avengers destroying oil pipelines has reduced or at least is reducing."
He said that the economy might decline by one per cent but would not get to minus 1.8 per cent as predicted by IMF.
The economist opined that President Buhari’s talking about the economic situation was a sign that he wanted to shed off some of this image of in-activity and in-action.
``Also with the oil production picking up, some more revenue will be coming in gradually.
``I don’t expect government to spend the revenue on social things but government should spend it on developmental projects,’’ he said.
He stated that the release of funds for capital projects would enhance some level of growth in the nation’s economy.
Aigbokhan, the President, Nigeria Economic Society, made the prediction in an interview with the News Agency of Nigeria, NAN, in Abuja on Sunday.
He praised the Federal Government for not folding its hands and doing everything possible to improve the living conditions of Nigerians.
``I think between now and the last quarter the government is going to release some amount of money for the capital projects.
``So, the government will want to be seen doing something, that is why I’m optimistic that the country will come out of recession,’’ he said.
The economist, however, disagreed with the International Monetary Fund’s (IMF) forecast that Nigeria’s economy would probably contract by 1.8 per cent in 2016.
The IMF forecast says Nigerian economy will now grow at a much slower pace than South Africa’s, which is expected to grow at 0.1 per cent in 2016.
Aigbokhan said: ``I am not as pessimistic as the IMF, you know how IMF forecast do go; sometimes they use it to put pressure on government to act.
``So, I don’t think Nigeria’s economy will grow at minus 1.8 per cent. No! Things will not be that bad.
``One, oil production is picking up, and (secondly), the rate of avengers destroying oil pipelines has reduced or at least is reducing."
He said that the economy might decline by one per cent but would not get to minus 1.8 per cent as predicted by IMF.
The economist opined that President Buhari’s talking about the economic situation was a sign that he wanted to shed off some of this image of in-activity and in-action.
``Also with the oil production picking up, some more revenue will be coming in gradually.
``I don’t expect government to spend the revenue on social things but government should spend it on developmental projects,’’ he said.
He stated that the release of funds for capital projects would enhance some level of growth in the nation’s economy.
