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Nigerian Economy Risks Recession by Mr. Godwin Emefiele CBN Governor

The CBN Governor, Mr Godwin Emefiele, said the economy had started showing signs of weakness.

For instance, he said the committee was concerned that there was a fresh threat of recession as the economy recorded growth rate of 1.95 per cent and 1.5 per cent during the first and the second quarters of this year, respectively.

He noted that the slowdown emanated from the oil sector, with strong linkages to employment and growth.

For instance, the apex bank boss said

1. the late implementation of the 2018 budget

2. weakening demand and consumer spending

3. rising contractor debts

and

4. low minimum wage were some of the risks to output growth

Others, according to him, are

5. the impact of flooding on agricultural output

6. continued security challenges in the North-East and North-Central zones

7. and growing level of sovereign debts.

 

curled from punchng online.

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