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Nigeria Should Brace for Economic Recession – Okonjo Iweala

By Afolabi Ogunde on June 14, 2012

The minister of Finance, Dr. Ngozi Okonjo-Iweala has called on Nigerians to be more financially and fiscally prudent as the global economic downturn affecting Western countries will spill-over to Nigeria due to the falling price of oil.

The minister made the remarks at the Federal Executive Council meeting in Abuja yesterday, cautioning the members of the FEC to be more prudent in the management of the country’s resources.

After the meeting, Labran Maku, the minister of Information briefed journalists on the warnings from the Finance minister.

He said, “The Minister of Finance briefed the Council about the global economy environment and generally, Council was told that there were some difficult moments out there in the international economy, particularly because of the crises in Greece and Spain.

“She said the crises had begun to impact on the global economy and one of the things we were informed by the minister was that we noticed some downward slide in oil prices in recent weeks. The Minister of Finance told us to buckle up and ensure proper management of available resources to prepare Nigeria in case there is any recession.”

Maku added, “We are not expecting one; you know that during the last financial meltdown, which crippled most developed economies with negative impacts on developing countries, Nigeria was able to weather through because we were prepared.

“Right now, the Ministry of Finance is preparing just in case the crisis goes a bit deeper, Nigeria should be positioned to weather the storm and coast safely. Presently, we have no problem in terms of our finance management.”

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