Tony Ejinkonye, the President of Abuja Chamber of Commerce and Industry (ACCI) has said the Chamber totally disagreed with the Federal Government’s promise that recession would be over by December this year.
Ejinkeonye was reacting to the Central Bank of Nigeria (CBN)’s claim that the country’s economic recovery would begin in the last quarter of the year.
The president in a statement in Abuja said it takes a minimum of five years for any country to recover from economic recession.
He added that the federal government had no physical measures in place to determine that the country would be out of the wood in the next three months.
He said: “We have economic recession, economic recovery and economic boom.
“It takes a period of five years for a country to recover from recession before it can start talking of economic boom, that is, if the right measures are in place.
“We are yet to know the physical measures the government has put in place to enable us know that we are on the right track.
“Even when the right decisions and policies are set out, we do not agree that recovery will come too soon,” he said.
According to him Government is not doing what it should do or be doing to determine that the country will be out of the recession.
For instance, Thailand went into recession and it was just last year they came out of it. The Federal Government is either economic with the truth or not telling us what is really happening.”
He said unless the Federal Government had a short terms programme that will check the current economic hardship being face by Nigerians, ending the crisis by December might be a mirage
I do not agree that the economy will be out of recession by the end of this year. Government does not have structures on ground to suggest that it would happen. I do not think it is going to happen”
That means they have only one quarter to get us out of the recession that is so deep. We do not believe that. It will take a while” Tony said
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