The prediction of Zamfara governor Abdulaziz Yari that Nigeria will
slide into a recession again in 2020 has been faulted by the Central
Bank of Nigeria (CBN), Manufacturers Association of Nigeria (MAN) and
the Lagos Chamber of Commerce and Industry (LCCI).
slide into a recession again in 2020 has been faulted by the Central
Bank of Nigeria (CBN), Manufacturers Association of Nigeria (MAN) and
the Lagos Chamber of Commerce and Industry (LCCI).
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| Governor Abdulaziz Yari of Zamfara State |
The bodies disagreed with the governor’s postulation that Nigeria was not moving.
Yari, had told the newly-elected governors to prepare for another cycle of possible economic recession by mid-2020.
The recession, according to Yari, may not end until the third quarter
of 2021.The Organised Private Sector group, in a reaction on Tuesday,
questioned the basis on which Governor Yari made his prediction about
another cycle of recession from 2020 to mid-2021.
of 2021.The Organised Private Sector group, in a reaction on Tuesday,
questioned the basis on which Governor Yari made his prediction about
another cycle of recession from 2020 to mid-2021.
In its reaction, the apex bank said that Nigeria is currently
experiencing steady but marginal growth just as it is already coming out
of high inflation rate.
experiencing steady but marginal growth just as it is already coming out
of high inflation rate.
At the unveiling of the International Monetary Fund (IMF) regional
economic outlook for sub-Saharan Africa in Abuja yesterday, CBN deputy
governor for Economic Policy Directorate, Joseph Nnana, said: “Right
now, we are on the path of achieving our price stability goal of
single-digit inflation.
economic outlook for sub-Saharan Africa in Abuja yesterday, CBN deputy
governor for Economic Policy Directorate, Joseph Nnana, said: “Right
now, we are on the path of achieving our price stability goal of
single-digit inflation.
“Are we going to witness increased inflation or are we sliding back
into recession? My answer is no. We are making smooth progress towards
growth and by the end of 2019, all things being equal, we are going to
likely have between 2.8 and three per cent Gross Domestic Product (GDP)
growth rate.”
into recession? My answer is no. We are making smooth progress towards
growth and by the end of 2019, all things being equal, we are going to
likely have between 2.8 and three per cent Gross Domestic Product (GDP)
growth rate.”
Nnana, however, said that the GDP growth was not adequate, noting
that Nigeria currently has a three per cent GDP real growth rate, with a
population growth rate at 3.2 per cent. According to him, “per capita
growth rate is still negative but definitely, we are not going through
the era of 2016 when we had a recession.
that Nigeria currently has a three per cent GDP real growth rate, with a
population growth rate at 3.2 per cent. According to him, “per capita
growth rate is still negative but definitely, we are not going through
the era of 2016 when we had a recession.
Also MAN president, Mansur Ahmed, reported that “although the economy
is not growing as fast as expected, it is growing nonetheless and all
the projections from the world bank and other international bodies say
that it will keep growing.
is not growing as fast as expected, it is growing nonetheless and all
the projections from the world bank and other international bodies say
that it will keep growing.
`The Director-General, LCCI, Mr Muda Yusuf, said “he could not agree
with Yari because he was not speaking in the capacity of an economist
and did not put parameters forward to back his projections.”
with Yari because he was not speaking in the capacity of an economist
and did not put parameters forward to back his projections.”
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