A
former Deputy Governor of the Central Bank of Nigeria, CBN, Mr. Tunde Lemo, has
predicted more tough times for the nation’s economy this year.
former Deputy Governor of the Central Bank of Nigeria, CBN, Mr. Tunde Lemo, has
predicted more tough times for the nation’s economy this year.
He, therefore, advised the
Federal Government to intensify efforts towards diversifying the economy.
Federal Government to intensify efforts towards diversifying the economy.
A statement issued on
Thursday quoted Lemo as saying this at the 61st Annual National Convention of
the Foursquare Gospel Church.
Thursday quoted Lemo as saying this at the 61st Annual National Convention of
the Foursquare Gospel Church.
Lemo, according to the
statement, said it was saddening that despite the progress made by the country
on the political front, available indices “have unveiled the painful
lopsidedness of Nigeria’s economic prosperity.”
statement, said it was saddening that despite the progress made by the country
on the political front, available indices “have unveiled the painful
lopsidedness of Nigeria’s economic prosperity.”
He was quoted as saying,
“Nigeria economic activities are expected to shrink by 1.8 per cent in 2016 in
a bid to adjust to foreign currency shortages as a result of lower oil
receipts, low power generation and weak investors’ confidence. These will
affect the major sectors of the economy.
“Nigeria economic activities are expected to shrink by 1.8 per cent in 2016 in
a bid to adjust to foreign currency shortages as a result of lower oil
receipts, low power generation and weak investors’ confidence. These will
affect the major sectors of the economy.
“We need to key into ways to
reform the economy and drive toward diversification.
reform the economy and drive toward diversification.
“The country has been badly
hit by unemployment rate at 12.1 per cent with exports dropping by 34.6 per
cent, while imports declined by 7.8 per cent in the first quarter of 2016,”
Lemo observed.
hit by unemployment rate at 12.1 per cent with exports dropping by 34.6 per
cent, while imports declined by 7.8 per cent in the first quarter of 2016,”
Lemo observed.
He said Nigerians needs to
demand from the President Muhammadu Buhari administration an urgent
diversification of the economy.
demand from the President Muhammadu Buhari administration an urgent
diversification of the economy.
Lemo explained, “The present
administration advocated for anti-corruption and economic reform during the
past election, but it has not succeeded in proving to Nigerians and the world
its capacity to bring about economic reformation. Its major headache lies in
how to rejig the Nigerian economy and set it back on a growth trajectory.
administration advocated for anti-corruption and economic reform during the
past election, but it has not succeeded in proving to Nigerians and the world
its capacity to bring about economic reformation. Its major headache lies in
how to rejig the Nigerian economy and set it back on a growth trajectory.
“We have to insist on
economic reform and diversification to revamp the economy, because it can help
to deliver inclusive growth in the system.
economic reform and diversification to revamp the economy, because it can help
to deliver inclusive growth in the system.
“The country’s economic is in
recession. What we need now is massive fiscal policy to help revive the
economy. Government has to pump more money into the economy and not just on
capital projects,” Lemo said.
recession. What we need now is massive fiscal policy to help revive the
economy. Government has to pump more money into the economy and not just on
capital projects,” Lemo said.
