A former Director, Budgetary
Department, Central Bank of Nigeria (CBN), Dr Titus Okunronmu said on Wednesday
said that Nigeria’s economy had been experiencing depression rather than
recession since 2015.
The Ex-Director revealed this in
Ota, Ogun State, that a recession could only last for a quarter or two.
Okunronmu also said when a
recession is longer than two quarters, it is called depression not recession.
He, however, noted that the
Nigerian economy had been in depression since 2015 and extended to 2016.
Okunronmu faulted Nigeria’s oil
production, saying ir is the only country that refines its crude oil outside
the country.
He urged the Federal Government
to resuscitate the four refineries in the country so that the nation could meet
its domestic needs as well as export some to earn foreign exchange.
Okunronmu said, “Nigeria was in
depression as a result of the inability of the Federal Government to do the
right thing and the fall in the prices of oil in the international market.”
He added that the economy growing
at 2 per cent GDP could not impact positively on the 180 million Nigerians.
He said, ”The Nigerian economy
can start growing at 5 per cent GDP if all the four refineries are repaired and
appropriate measures are put in place to boost the economy.”
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com