– Nigeria’s minister of finance, Mrs Kemi Adeosun has spoken on Nigeria’s recent slide into recession
– Adeosun expressed confidence that the economy will turn-around in no time
– She however called for discipline in the country’s expenditure
Mrs Kemi Adeosun, Nigeria’s minister of finance, has assured Nigerians that the recent slide into recession will not last long.
Mrs Adeosun appeared in the Nigerian Senate two months ago telling senators that Nigeria was ”technically in recession”
In a series of tweet posted yesterday, August 31 on her Twitter page, Adeosun expressed confidence that the economy will bounce back in no time.
She however called for discipline in government spending, even as she noted that the Nigerian economy is long overdue for diversification.
READ ALSO: Disquiet as serious financial crunch hits National Assembly
See her tweets below:
I believe this economy will turn around in no distant time. I know people are concerned about recession…
— Kemi Adeosun (@Mrskemiadeosun) August 31, 2016
We can come out of a recession as soon as possible by sticking to the prescription which is, We must be disciplined in our expenditure…
— Kemi Adeosun (@Mrskemiadeosun) August 31, 2016
We must invest in our capital and we must diversify our economy. — Kemi Adeosun (@Mrskemiadeosun) August 31, 2016
Figures released by the National Bureau of Statistics (NBS) yesterday, August 31, showed that Nigeria had officially gone into recession.
The NBS figures showed that in the Gross Domestic Product (GDP) for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent.
The country’s economy shrank by 0.36 percent to hit its lowest point in 25 years. The second quarter report makes Nigeria’s economy the worst in three decades
Adeosun had informed the Nigerian Senate two months ago that the Nigeria was “technically in recession” when she appeared before members of the upper chamber.
READ ALSO: Nigeria gets $100 million loan from India to deal with its electricity problems
Few weeks after her declaration, South Africa overtook Nigeria as Africa’s biggest economy.
To cushion the effects of the recession, Nigeria is already in talks with the Chinese import-export bank China Exim Bank for a $21 billion loan to finance the 2016 budget and develop new infrastructure projects.
Meanwhile, some Nigerians have taken to twitter to air their view on the development.
See below:
The usual suspects are now blaming my brothers from N’Delta for the Recession. Very good! — Onyebucci (@Onyebucci) September 1, 2016
The economy entered recession d day buhari took over power, d mess buhari is creating now will take #Nigeria another 8 to 12yrs to overcome
— Alh Aminu Sani (@emmaikumeh) September 1, 2016
The reality of recession was forced down Adeosun’s throat yet she thinks its just a word. How do you defeat something you don’t acknowledge?
— Lagosian (@Ekoonibajeooo) September 1, 2016
Disputing Adeosun’s claims, renowned economist and businessman, Mr Atedo Peterside has predicted that the recession currently experienced in Nigeria will last for a long time.
Peterside who is also the President & Founder of Anap Foundation said business confidence is low and investors are holding back on investing in Nigeria.
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