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'Nigeria’s economic recession may last another 20 years'

14 October 2016, 11:20

Ondo - Ondo state governorship aspirant and embattled businessman, Jimoh Ibrahim, says the economic recession being experienced in Nigeria may linger on for another 20 years, Premium Times reports.

Jimoh said this while delivering a speech at a book launch at the Obafemi Awolowo University recently.

“With the current crude oil prices and current situation of the country, except there is a miracle that will chance the situation, we may be experiencing this recession for 20 years. Our Naira has lost its value and this is the worst recession I have seen in many years and nothing seems to be happening”, he said.

“Our Naira has lost its value and this is the worst recession I have seen in many years and nothing seems to be happening.”

Ibrahim recommended that Nigeria adopts the economic model of Iran in order to record meaningful development.

On the recent arrest of judges by the State Security Services, he noted that the development could whittle investor confidence.

“In a case where a judge is found with over N54 million and that it was found under his bed, no one would want to do business with you,” he said.

“It is very bad and has got so bad, if the Judiciary cannot be trusted so what are we saying.”

The National Assembly last week passed a motion to invite President Muhammadu Buhari to address the legislature on efforts being made by his administration to on the current economic recession according to News24.

With the invitation, President Buhari who would address a joint Session of the National Assembly, would intimate the lawmakers on his administration’s plans to get Nigeria out of the present economic recession that at the moment, biting Nigerians.

- News 24


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