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Adeosun, Emefiele differ on duration of economic recession

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Adeosun, Emefiele differ on duration of economic recession

In a manner that has become characteristic of the major managers of the Nigerian economy, Minister of Finance, Kemi Adeosun dashed hopes that the Nigerian economy will be out of the present recession by the fourth quarter as postulated by the Governor of Central Bank, Godwin Emefiele.

Adeosun, when asked the duration expected for the recovery of the economy in an interview in Abuja, stated that she cannot tell when the growth will begin to manifest but in the long run, things will get better.

“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.”

“And 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,” she added.

This is contrary to the positive spirit in many quarters when the CBN Governor, last week, declared that the “worst is over” for the economy while assuring the people that by the fourth quarter, things will have improved.

“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,” he said.

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