The
Monetary Policy Committee of the Central Bank of Nigeria on 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 the 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.
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