Economic Rebound: Emefiele Throws His Hart Into The Ring | Independent Newspapers Limited
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Economic Rebound: Emefiele Throws His Hart Into The Ring

Economic Rebound
Posted: Sep 21, 2016 at 7:45 am   /   by   /   comments (0)

The present All Progressive Congress (APC) led government officially announced the country’s recession some months ago.  Since then, several appeals have been made by the government for Nigerians to support the government in its effort to get out of the situation.

In continuation of government campaign for support, Godwin Emefiele, governor,Central Bank of Nigeria (CBN)  last weekend in Lagos addressed the media and gave assurance that with the present measures put in place by the government, Nigeria would get out of the present recession before December this year.

He said, “I repeat, the worst is over, Nigeria’s economy is on the path of recovery and growth. If you are a bystander, you are losing… join the train now before it leaves you.” Emefiele stressed; “I’m optimistic that going forward, you are going to see more action that will stimulate the economy and turn around the country again”.

However, not many people believe the promise made by the CBN governor. Prof. Itse Sagay, Chairman, Presidential Advisory Committee on Anti-Corruption, described the assurance as a mere propaganda.  Sagay explained that it took America with the best economy three years to come out of the recession. He said it is the greatest magic for somebody to promise Nigerians that in the next two months, we would be out of the present situation. He said, “In a critical moment as we find ourselves, engaging in propaganda would not do us any good.”  The human rights lawyer further explained that the best approach is take the best economic policies and explain to the people what recession entails.“It is not good to deceive people that the economy which is mono based would recover in 60 days. Right now, we are producing crude oil which is the major product for export at below 40 percent because of the militancy in the Niger-Delta. How then can somebody come out to tell us that the worst is over and that we would recover before December”?

Sagay further stressed that recession involves the country’s Gross Domestic Product (GDP), Foreign Exchange, foreign reserve and others.  With barely two months before December when Emefiele promised Nigerians that the recession would be put behind, the people are waiting anxiously believing that  it would not be another hope raised and dashed at the end.

By  Augustine Adah