Economic recession imminent, by Minister

By Naomi Uzor & Ikeoye Oyetoro

LAGOS—The Minister of State, Federal Ministry of Commerce and Industry, Mr Humphrey Abah, yesterday, said the effects of the global economic recession have manifested in various shades and that what affects the global economy would eventually affect the Nigerian economy with time.

At the 2009 AGM/Symposium on Vision 20:2020, tagged “The Industrialist Dilemma,” organised by the Lagos Chamber of Commerce and Industry at the Commerce House, he said:  “Initially, it was a common position that the Nigerian economy would not be adversely affected, this certainly was not true, since the global economy was inter-dependent but more importantly because of the limited success we had achieved in diversifying the national economy which is still largely mono product-based.

Therefore what affects the global economy would eventually affect the Nigeria economy with time”.