December 01, 2016

We’re Fighting Recession With Wrong Approach — CBN

The on-going economic recession has persisted owing to application of wrong prescription by non-professionals, the CBN's Director of Policy, Mr. Moses Tule, has contended.

The CBN chief spoke at the Chartered Institute of Bankers of Nigeria, CIBN, roundtable meeting organised on the current economic recession in Abuja on Tuesday. His words:

“Some came in as doctors into the macro-economic management and are giving the tools of medical doctors to advise on how to solve the problem of recession. Some came in as carpenters and they are using carpentry tools to advise on the problems of economic recession; some came in as engineers and they are using their tools to advise on how to address economic recession.

“They have not allowed the professionals to do their jobs. They have not allowed the professional to provide the direction.”

According to the director the Monetary Policy Committee (MPC) had, since early 2015, consistently warned that Nigeria will slip into recession if steps are not taken but that the warnings were ignored.

How we got into recession
Explaining how the nation got into recession, Tule said: “Oil prices are down. Not only are oil prices down, the Niger Delta Avengers have blown up oil producing facilities and export facilities, severally.

“When they blew the Forcados , it took government six months to fix Forcados. That was a loading bay. And after fixing it, they went back and blew it again. So we have oil prices and production going down. The implication is that foreign exchange earnings are going down, but unfortunately, our import expenditure is not going down. It is still in the region of N976 billion, monthly.”

He lamented Nigerians’ penchant for imported goods and an absence of export culture. He said sitting down and blaming the CBN for the falling value of the naira was futile, insisting: “If we want to regain our place, how did we get here? We must address that question."

13 comments:

Chioma Ujo said...

Are they not in the position to suggest better approaches to their senior officers???

ope alliu said...

It seems they just woke up from their slumber

Anslem Caesar said...

Whatever you are fixing, don't fix it with the little money in our pocket. Fix it with government money. Don't exploit us to fix the economy.

Anslem Caesar said...

Whatever you are fixing, fix it with government money, don't try to get the little in our pocket through trickery means, don't try to extort our money from us in the name of fixing the economy.

Uyi Osamwonyi said...

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahhaha

You guys are funny I swear, wrong aproach, na na una no abi..

#GodSaveUsAll

Afoke Maleke said...

Square pegs in square holes is always the best way.but in Nigeria we have pple with no brains at all in the strategic positions of decision making..they dont know the functions of the office dey occupy ...

Giragi said...

Who are the Carpenters, Medical Doctors and the Engineers? Stop blame game you have failed Nigerians

Iliyasu sulaiman sani said...

again! this CBN Governor is not optimistic with his work

Austine Gabriel said...

really?

Rosemary Ezeji said...

Confused people

Hassan Aderemi said...

We expect CBN, since they are the one in charge of our monetary policy to buckle up.

olisayemk said...

Why don't they follow the right steps

Kay said...

Dear Chioma you will not understand.