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Nigeria’s economy not entering recession – CBN

By on December 15, 2015

The Central Bank of Nigeria, CBN, during the weekend  decried the fears being expressed by some stakeholders that the nation’s economy may be entering recession.

The apex bank however stated that the nation’s economy is being restructured in accordance with the dynamics of the global economy.

Speaking to newsmen in Osogbo at a meeting officials of the bank held with the people of Osun state, Mr. Babatunde Okulaja, assistant director, Development and Finance Department of the bank, said one of the recent innovations of CBN to restructure the economy is an initiative called Produce Add Value and Export, PAVE.

“Through PAVE we don’t only consume all what we have produced, we package and send abroad and earn dollars. By so doing, GDP is improving and the economy will be better for it,” Okulaja said.

According to him, as the regulator of the economy, CBN has discovered that efforts are mainly geared towards production, while no tangible value was been added to the produced items.

 

[ThisDay]

One Comment

  1. Think Well

    December 15, 2015 at 2:19 pm

    The Nigeria economy is already in recession, don’t deceive people find solution to it we are in mr. know it all’s government.