The Buhari Media Organisation (BMO) has joined the Central Bank of Nigeria (CBN) and the Nigerian Chamber of Commerce and Industries (NCCI) to debunk the statement credited to the governor of Zamfara state at the Nigerian Governors’ Forum that governors should brace up for another recession in 2020.
The Zamfara state governor had warned his colleagues to brace up for another recession early this week.
BMO, in a statement signed by its chairman, Niyi Akinsiju and secretary, Cassidy Madueke, Friday in Abuja, recalled that the CBN had assured Nigerians that there were no indicators suggesting an oncoming recession, and that the alarm raised by Yari “is patently wrong and misguided.”
The statement read in part: “Nigerians should dismiss the false alarm raised by Governor Yari because the Buhari administration runs the Nigerian economy on an economic template of Economic Recovery and Growth Plan (ERGP) with a robust roadmap towards sustainable growth.
“How can Nigeria slip back into recession when there is a tight monetary policy which has seen an increase in the Nations foreign Reserves to $44.3 billion from $22 billion left by the PDP administration?
“How can Nigeria slip back into recession when there are deliberate attempts at revamping Nigeria’s rail system, deepening road networks and giving facelifts to airports across the country?”
It further read: “How can Nigeria slip back into recession when reforms like Treasury Single Account (TSA) have been actively pursued to cut down on the leakages from the public treasury?
“How can Nigeria slip back into recession when the Nigerian Sovereign Wealth Fund, managed by the Nigerian Sovereign Investment Authority, grew by $350 million?
“Despite concerns, Nigeria’s Central Bank forecast shows that the country’s GDP will record a sustained growth trajectory from its present 1.9% to 3% in 2019 and attain the single digit inflation target encapsulated in the ERGP.
“What Nigerians stand to gain from new banks operating either regionally or nationally include access to credit for small and medium enterprises and jobs for the pool of Nigerians in the labour market?”
