L
LequteMan
Guest
Governor of the Central Bank of Nigeria, Godwin Emefiele, has said the country's economy is not sliding into recession- despite growing concerns over the gradual decline of income due to the fall in prices of crude oil.
“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," Emefiele said at the end of the IMF/World Bank annual meetings in Lima, Peru, on Sunday
“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.”
“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," Emefiele said at the end of the IMF/World Bank annual meetings in Lima, Peru, on Sunday
“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.”
