Nigeria’s economy may slip into recession, CBN warns

From the Central Bank of Nigeria (CBN) yesterday came a warning shot on the economy: Nigeria risks sliding into recession next year.

The apex bank also hinted that the implementation of the Treasury Single Account (TSA) might affect the country's economic growth.

Speaking yesterday at the end of the Monetary Policy Committee (MPC) meeting in Abuja , CBN Governor Godwin Emefiele lamented that with "two consecutive quarters of slow growth, the economy could slip into recession in 2016 if proactive steps are not taken to revive growth in key sectors of the economy."

Emefiele added: "The overall economic environment remains fragile. The economy further slowed in the second quarter of the year, making it the second consecutive quarterly less-than-expected performance."

In the face of the prevailing circumstances, the MPC advocated that a "synergy between monetary and fiscal policies remains the most potent option to sustainable growth."




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