The Minister of Finance, Mrs. Kemi Adeosun, on Wednesday admitted that Nigeria was in its worst possible time with the Gross Domestic Product figures for the 2016 second quarter released by the National Bureau of Statistics showing the nation’s economy now in recession.
Adeosun said the nation had a long way to go and the government was not deceiving itself that all was rosy.
She spoke with State House correspondents at the end of a meeting of the Federal Executive Council held inside the Presidential Villa, Abuja.
“It’s the worst possible time for us. Are we confused? Absolutely not,” the minister said.She identified some of the ways the country could get out of recession to include diversification of the economy and investing in capital projects.
The minister said,
“I think that we have a long way to go. We’re not confused and we’re not deceiving ourselves that everything is rosy. It’s not.
“It’s a difficult time for Nigeria but I think Nigeria is in the right hands and if we can stick with our strategy… We still have some adjustments to make. I think we need to make some adjustments in monetary policy.”