Adegbenro: Nigeria Yet to Fully Exit Recession

The Chief Executive Officer of Balmoral International Ltd, Otunba Adejare Adegbenro has said Nigeria has not fully exited recession because some traces of causes of the monster are still very much visible around.

Adegbenro, grandson of former Premier of Western Region, Alhaji Dauda Adegbenro and a hero of Nigerian democracy, Pa Alfred Rewane, made the observation at a session with journalists at the weekend in Lagos.

According to him, until the roots causes of economic recession are completely tackled, Nigeria can still be said to be in recession.

He observed that the cause of the recession in the first place was an imported inflation characterised by devaluation of the Naira with a resultant multiplier effect of increase in the prices of goods and services.

He said, “Until the pressure placed on dollar by the country’s over reliance on imported goods are tackled, the value of the Naira will continue to depreciate and the country will always relapse into another rounds of recession.

“The government should focus on things that can generate forex and ensure production of most of the things we consume like food, petroleum products and export things that we have that the world needs like Bitumen, solid minerals among other things,” Adegbenro said.