The Minister of Finance, Mrs Kemi Adeosun has stated that she has no idea when the current economic recession in Nigeria will come to an end.
Mrs Adeosun’s statement is coming barely a week after the Governor of Central Bank of Nigeria, Godwin Emefiele declared that the country would get out of the economic recession before December.
Emefiele had 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.”
However, speaking in an interview in Abuja, the Finance Minister said that some of the efforts of the government to boost the economy had already started producing positive results.
In her words,
“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.”
Adeosun also revealed that about N770bn had been channelled into the economy for various capital projects this year in order to facilitate the recovery of the economy from recession, adding that the monitoring team in the Ministry of Budget and Planning was putting contractors on their toes to ensure that they delivered the projects.