I Don’t Know When Recession Will End—Adeosun

September 26, 2016

Kemi Adeosun economy plan

By Modupe Gbadeyanka

Nigeria’s Minister of Finance, Mrs Kemi Adeosun, declared that she cannot assure Nigerians when the country would get out of its present economic woes.

Nigeria slumped into recession following pressure on the Naira, which weakened it against the dollar and other major currencies in the world as well as a deep fall in the price of crude oil, Nigeria’s major source of export.

Speaking in an interview in Abuja, Mrs Adeosun emphatically declared that Nigeria would get out of recession when the country gets into growth. She pointed out that efforts of the government to reflate the economy had started yielding results and called for calm.

“I don’t want to predict when we will get out of recession. Let me tell you that we will get into growth and that’s how you get out of recession, because of the stimulus that we are providing,” the Minister said.

Mrs Adeosun, however, noted that “it may take longer than we would like, but we will definitely get out of it. We are already seeing some positive signs in agriculture and solid minerals; and with what we are trying to do with other sectors, I am very sure we will get out of it soon.”

The Federal, state, local governments and other stakeholders will meet in Ogun State tomorrow (Tuesday) to brainstorm on how to turnaround the country’s economy.

At the meeting, major stakeholders in the sector would deliberate on the best way to tackle the problems killing the economy.

This forum, Mrs Adeosun explained yesterday, was part of steps the President Muhammadu Buhari-led administration was taking to save Nigeria from recession.

Last week, Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, had disclosed that the country was already in its worst part of the recession, assuring Nigerians that things would soon start to pick up.

“We are already in the valley, the only direction is to go up the hill and the government is doing everything possible to ensure that we move up the hill. I am optimistic that based on the actions being taken by the monetary and fiscal authorities, the fourth quarter results will show evidence that we have started to move out of recession.

“The worst is over. The Nigerian economy is on the path of recovery and growth. So, please if you are a bystander or sideliner, you are losing; join the train now before it leaves the station,” he had said.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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