Fears over possible recession, Naira devaluation


Depression, recession
Recession. Photo: Yucatan Times

By Victor ‘Tunde Oso

The spread of coronavirus, depleted foreign reserves and tumbling oil prices, global and local experts have said, could trigger another economic recession in Nigeria, maintaining that the Federal Governments has few tools available to battle external shocks. The economic experts, who spoke to Sunday Vanguard, listed short and long term solutions:

Massive export promotion is way out —Isemede, ex-NACCIMA DG

Dr. John Isemede, a former Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said, “The question is: how are we going to run the N10trillion budget? I have maintained the same position time and again for the past 35 years that oil is a slippery product. Export will make us have more money in this country and not oil, which has not recorded significant value addition in 122 yrs! Exportation started in 1908 and we have not developed any of the three levels (1.)…

Source: Vanguard Newspaper