By Adekunle Aliyu
LAGOS — The President and Chairman of Council of the Chartered Institute of Personnel Management of Nigeria, Mr. Abiola Popoola, has said that the state of the country’s economy and external reserve were worrisome. Mr. Popoola, who was returned unopposed as the President and Chairman of the institute, spoke at the the 42nd Annual General Meeting of the institution in Lagos.
He said that the state of the economic indicators for the year presented a slightly downward trend. Gross Domestic Product, GDP, growth declined from 56 percent to 53 percent, while inflation rate moved up from 11.6 percent in December 2009 to 11.8 percent in December 2010 as the Naira rate also depreciatedby 7% closing at N152>80 to the US Dollar.
He further stated that ‘ worrisome is the depletion of the Nigeria’s external reserves from USD 46.5billion in December 2009 to 36. 68billion in December 2010.
The external debt stock which stood at nil when we exited our debt bondage a few years ago has now risen to USD 3.9billion. this he blamed on the way the economic managers have so far handled the economy of state.
He also stated that “the introduction of a harmonised reporting year end for the banking sector and the new IFRS reporting system brought about a tight liquidity squeeze in the banking sector.”
Popoola thanked members o the CIPM for returning him unopposed and that the essence of rebinding of the CIPM is to allow the institution to deliver it mandate and to upgrade the programmes and professionalism of it members.