A former Director of Budgetary Department, Central Bank of Nigeria, Dr Titus Okunronmu, has said Wednesday’s rating of Nigeria by the International Monetary Fund (IMF) is because the country listen’s to instructions.
Okunronmu while reacting to the rating told the News Agency of Nigeria (NAN) on Thursday that the IMF ranked Nigeria as the biggest economy in Africa because the nation was always listening to international instructions.
He said that it was time for international organisations to start asking the Federal Government the reasons why economy was in recession?
The CBN former budget director said the Federal government needed to be asked why the nation’s refineries was not working to optimal capacity.
He identified the exchange rate as the the nation’s problem as well as what should be done to make the economy to thrive.
“Nigeria is not really in crises if the Federal Government can open its eyes and do the right thing by looking inwardly in solving our problem.” he said.
Okunronmu said that if the nation’s refineries were working to optimal capacity, the country would be able to export it’s products to African countries that would generate foreign exchange for the country as well as providing employment opportunity for the youths.
Also, Dr Onafowokan Oluyombo, an Associate Professor, School of Management and Social Sciences, Pan Atlantic University, Lagos, described the IMF’s ranking as untrue due to lack of data in the country.
Oluyombo said that what determine the economy of any nation was not the Naira and Kobo, but impacts of what was happening at grassroots or micro level, adding that most of the population were found at this level of the economy.
“Until there is an improvement in the economic of those found at the micro level, there will be violence, armed robbery and evil acts which of course is on the increase in Nigeria today,” he said.
Similarly, Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), demanded to know the parametres used in describing Nigeria as the biggest economy in Africa.
Nzekwe said the IMF could have used the fighting against corruption by the President Muhammadu Buhari’s administration to judge what was happening in Nigeria.
He said that the IMF’s ranking was a welcome development because it would attract foreign investors into country.
“It is good recommendation for Nigeria at least, International organisation is ranking the country as the biggest economy in Africa.” Nzekwe said.
NAN reports that IMF on Wednesday posted a report on its Website that Nigeria is the biggest economy in Africa.