Economists warn of recession

Economists warn of recession

The Nigerian Economists Society has warned that the country is about sliding into recession, saying that the flexible foreign exchange policy adopted by the Central Bank of Nigeria could not survive in a non-productive economy.

It stated that Nigeria’s economy was fragile and about to enter into recession because it was characterised by high import-dependency, drastic decline in foreign exchange and double-digit inflation.

The economists, at a one-day symposium coordinated by Prof. Akpan Ekpo of the University of Uyo, on the theme: ‘Managing the naira’, added that other variables signalling recession were mass poverty, infrastructural collapse, endemic corruption and growing insecurity in the country. Read more

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