Nigeria Will Be Out Of Recession By End Of Year 2017, Says Emefiele
The Governor of Central Bank, Mr. Godwin Emefiele, has said that the current economic recession will come to an end before the end of the year.
Emefiele, who delivered a lecture entitled: “The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria,” at the University of Nigeria, Nsukka (UNN), lamented the country’s reliance on importation, which according to him is the key factor to recession.
He also explained that with the interventions of the Federal Government, the CBN and other authorities, “the country will be out of recession before the end of 2017.”
His words: “In January 2017, inflation was 18.8 per cent, it is now down to 16.24 per cent. Last quarter, which was fourth quarter of 2016 growth, was negative 1.72 per cent. First quarter of 2017 growth had improved to negative 1.52 per cent.
“What that means is that we have an improvement in growth by about 1.2 per cent. If we see another 1.2 per cent growth in the second quarter we are out of recession.”
Emefiele who further queried the importation of consumables like apple, cucumber eggs , beef and toothpicks, said that if manufactured in the country can in turn crate massive employment for young people.