No evidence to support Adeosun’s claim on recession —MAN Vice Chair

Contrary to the claim by the Minister of Finance, Kemi Adeosun that Nigeria is already getting out of recession, saying the end of the economic crisis is in sight, Vice Chairman of the Manufacturing Association of Nigeria, Dr Stella Okoli, has said there’s no evidence to support this claim.

Okoli, challenged the Finance Minister to show the country data in terms of figure and dates, and specific mapped out plan towards lifting the country out of recession.

Okoli, who was speaking on Sunday in Lagos, shortly after she hosted the Super Falcons to lunch at her premises, in an interview with the Nigerian Tribune criticised the minister for making “sweeping statements” regarding the economy.

She challenged the minister to show Nigerians evidence based data indicating that the recession will soon end.

“The minister should show us figures and dates that the recession will end, instead of making generic statements,”Okoli said.

“As an entrepreneur, I see this claim differently. There is no evidence to back this claim up. The fact is we have no business being in recession but we are because there is nearly no support for the productive sector of the economy,” she said.

Okoli said the government may have good intentions, specific to the recent announcement that the Central Bank of Nigeria (CBN) had directed the commercial banks to sell 60 per cent of their forex allocations to the manufacturers, “but as I speak with you now, we don’t have access to forex.

“Starvation of funds is killing businesses. If we don’t fund big businesses, how we expect the small businesses to survive? The government needs to fund sectors that are creating employment and productive sectors of the economy.”

She said deliberate plans must be made to grow the industrial sector, adding that the government must work towards involving all stakeholders in the drive to lift the country out of recession.

“I see less consultations with stakeholders now and the fact is, people are ready to contribute to developing Nigeria,” she said.

She called for empowerment of local investors because, according to her, they’re are the ones “who truly have the economic prosperity of the country at heart.

“Local investors are the best people to empower in this country. They have the genuine interest of the country at heart, they love Nigeria. They’re the ones making real investments in Nigeria and spending money into the Nigerian economy. They’re the ones the government needs to empower,” she said.