April 23, 2017

It is possible we are out of recession- Adesanya

It is possible we are out of recession- Adesanya


Mr Abiodun Adesanya, Managing Director, Degeconek Nig. Ltd., has said that it is possible for Nigeria to be out of recession, as the country’s economy is heading to the right direction.

Adesanya made the assertion in an interview with Newsmen on Sunday in Lagos following claims by global economists that Nigeria is out of recession.

On April 18 the United Kingdom-based world economists said that the Nigerian economy was out of recession and growing strong.

He said that Nigeria was likely to be out of recession because the prediction has always been things were heading in the right direction

They said this development was reflected in the growth of Nigeria’s April Sales Managers’ Index, SMI, for Nigeria, which rose to 58.5 per cent from 56.7 per cent in March.

“You know we had negative GDP consecutively in last four quarters, if they now say we have positive GDP, it means we may be out of recession.

“It simply means we should continue with that trajectory so that we don’t nosedive again. We need to be careful so that we don’t have wastage.

“However, the implication is that we have to ensure that we really build upon what we did and ensure it has direct impact on what we are doing.

“It is also very important that we take lessons learnt and that we actually apply those lessons so that we don’t make the mistakes all over again.

“ I mean mistakes of wastages, corruption, wrong project, wrong planning, lack of focus and those kinds of things. There must be a strategic cohesive development plan for Nigeria,” he said.

Adesanya, who is also the president of Nigerian Association of Petroleum Explorationists (NAPE), lauded the Federal Government for the timely completion of Abuja Airport run-way.

”I think it is the first time that such feat is achieved and it has to be sustained. It is a classical example of people knowing what they are doing and they do it.

“ The minister puts his job on the line to show that he knows what he’s doing and it is a fantastic thing to know that people in present government are doing that.

“You can see cooperation among the government agencies and this should be sustained. If we put everything in the basket, I think we  will make progress as a nation,” he concluded.