Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, and managers of the nation’s economy, Senator Udoma Udo Udoma, Minister of Budget and Planning; and Mrs. Kemi Adeosun, Minister of Finance, yesterday, said the nation’s economic crisis will soon come to an end, insisting that “the worst is over.”
Disturbed by the despair in the land over the nation’s declining economy, the Federal Government, last night, released what looked like a formula to steer the economy out of recession and make the people heave a sigh of relief.
Senator Udoma, Mrs. Adeosun and Information Minister, Alhaji Lai Mohammed, said in separate interviews that the government was taking active measures to bail the economy out of recession.
Speaking in a similar vein, Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, said the worst is over as far as the recession was concerned, stating that by December, the economy would be fully out of recession and be on the path of growth
As a confidence building measure, the federal government has asked Nigerians not to panic over the recession, as it was not the first time it had occurred, assuring that everything was being done to check it and alleviate the impact on Nigerians.
He said the federal government was on top of the situation, adding that it was doing everything possible to lessen the burden of the recession on Nigerians.
Emefiele said it was the multiplying effect of the hike in petrol pump price that was causing the general rise in the prices of goods and services in the country.
He said the federal government and the CBN had taken proactive measure to stabilize the economy. Giving assurance to Nigerians and asking them to have faith in the efforts of the government and the CBN to move the economy out of recession, Emefiele said: “I repeat, the worst is over, the Nigerian economy is on the path of recovery and growth.
“Trust me, if you are standing as a bystander, you are losing by being a bystander. Join the train now before the bus leaves the bus station.
“Let me repeat myself, we are already in the valley, the only direction for us to go is up the hill. Government is doing every thing possible to ensure we move up the hill as quickly as possible. I am optimistic that with the action being taken by government, the monetary and fiscal authority, by the end of the fourth quarter of the year, Nigerians will see that the economy has started to move up the hills, out of recession.”
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