The Central Bank of Nigeria (CBN) has told the Nigerian Governors to brush off their recession claim saying the country will not plung into recession anytime mid 2020.
The Chairman of the Nigeria Governors’ Forum (NGF), Abdulaziz Yari had during a three-day retreat for returning governors and governors-elect in Abuja urged the incoming governors to brace for another round of recession.
But the CBN argues that the economy was doing well and will do better before the end of the year.
“We are making smooth progress towards growth and by end of 2019, all things being equal, we are going to likely have between 2.8 per cent and three per cent GDP (Gross Domestic Product) growth rate,” the CBN said.
It explained that since the third quarter of 2016, when Nigeria started coming out of recession, the CBN had embarked on tight monetary policy to ensure stablity and growth in the economy.