Economy May Slip Back into Recession, CBN Warns

Monetary Policy Committee of the Central Bank of Nigeria (CBN) Tuesday warned that weak economic fundamentals currently being shown by the economy were putting the country’s exit from recession under threat.



The Nigerian economy exited recession in 2017 after suffering contraction for five consecutive quarters.

Addressing journalists shortly after the two-day meeting of MPC members held at the headquarters of the apex bank, the CBN Governor, Mr Godwin Emefiele, said the economy had started showing signs of weakness.

For instance, he said the committee was concerned that there was a fresh threat of recession as the economy recorded growth rate of 1.95 per cent and 1.5 per cent during the first and the second quarters of this year, respectively.

He noted that the slowdown emanated from the oil sector, with strong linkages to employment and growth.