The Minister of Finance, Mrs. Kemi Adeosun, has admitted that Nigeria was in its worst possible time .This comes after the release of Gross Domestic Product figures for the 2016 second quarter by the National Bureau of Statistics showing the nation’s economy now in recession.
The continued scarcity of foreign exchange also pushed the naira to an all-time-low of 420 against the United States dollar at the parallel market.
Speaking with State House correspondents at the end of a meeting of the Federal Executive Council held on Wednesday,inside the Presidential Villa, Abuja.She said
“It’s the worst possible time for us. Are we confused? Absolutely not,” “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.”
In the report released by the NBS, the GDP growth rate slid further from -0.36 per cent in the first quarter to -2.06 per cent.