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Adeosun differs with Emefiele, can’t say when recession will end

Published

8 years ago

September 26, 2016

Adeosun differs with Emefiele, can't say when recession will end

Mrs Kemi Adeosun, Minister of Finance, has said that recession may take longer than Nigerians would like and she cannot predict when it will be over.

The minister however said some positive signs are already manifesting in agriculture and solid minerals sectors and that with what government is trying to do with other sectors, she was very sure the country will soon get out of the recession.

Adeosun who stated this in an interview in Abuja said, “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.

This view differs from that of the Central Bank Governor, Godwin Emefiele, who had assured Nigerians that the recession in the country should be over by the last quarter of this year.

Adeosun said 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.”

According to her, irrespective of the recession, many foreign investors were still interested in coming to invest in Nigeria. She added that the $1 billion Eurobond being floated by the country was already receiving several commitments from investors. She said the funds would start coming in before the end of the year.

Only last week, Mr Emefiele, revealed that the present recession will begin to fizzle out by the fourth quarter of the year.

He said “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 stated.

By Ebere Ndukwu …

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