The President of the Nigeria Economic Society (NES), Professor Ben Aigbokhan has faulted the prediction made by the International Monetary Fund (IMF) that Nigeria is facing bleak economic future.
The economist, who spoke in an interview with the News Agency of Nigeria (NAN), insisted that the IMF was wrong in forecasting that Nigeria’s economy would contract by 1.8 per cent in 2016.
The IMF had predicted that the Nigerian economy will now grow at a much slower pace than South Africa’s, which is expected to grow at 0.1 per cent in 2016. It also reported that the economy will contract for the first time in more than two decades as it adjusts to foreign currency shortages, lower power generation and weaker investor confidence.
Aigbokhan said: “I am not as pessimistic as the IMF. You know how IMF forecasts do go.
“Sometimes they use it to put pressure on government to act. So, I don’t think Nigeria’s economy will grow at minus 1.8 per cent.
“No! Things will not be that bad.”
He praised the Federal Government for doing everything possible to improve the living conditions of Nigerians, adding: “the government wants to be seen to achieve something and will not allow the economy to be nose-diving as to come to minus 1.8 per cent in the last quarter of the year.
“I think between now and the last quarter, the government is going to release some amount of money for the capital projects. So, the government will want to be seen doing something.
“That is why I’m optimistic that the country will come out of recession.”
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