Economic recession may last 20 years – Jimoh Ibrahim

Economic recession may last 20 years – Jimoh Ibrahim

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– Jimoh Ibrahim warns that the economic recession facing Nigeria may last for another 20 years if the global oil price continues to fall

– The businessman recommends that Nigeria adopts the economic model of Iran in order to record meaningful development

– Ibrahim said that the alleged corruption in the judiciary following arrest of some judges could drive potential investor away from the country

Jimoh Ibrahim, Ondo state governorship aspirant, has warned that the economic recession Nigeria is currently facing may last for another 20 years if the global oil price continues in its downward trend, Premium Times reports.

The businessman made this known on Thursday, October 13, at the launch of the book, Worshipper In the Temple of Justice, organised in honour of emeritus professor of law, David Ijalaye, at the Oduduwa Hall of the Obafemi Awolowo University.

Jimoh Ibrahim, PDP governorship candidate for Ondo election

READ ALSO: Ondo election: 6000 APC members join PDP

He said: “With the current crude oil prices and current situation of the country, except there is a miracle that will chance the situation, we may be experiencing this recession for 20 years.

“Our Naira has lost its value and this is the worst recession I have seen in many years and nothing seems to be happening.”

However, he recommended that Nigeria adopts the economic model of Iran in order to record meaningful development.

Reacting to the recent arrest of judges by the State Security Services, Ibrahim said that the development could drive potential investor away from Nigeria.

READ ALSO: Jimoh Ibrahim wins factional PDP primary election

“In a case where a judge is found with over N54 million and that it was found under his bed, no one would want to do business with you.

“Even we that borrow money to do businesses can’t afford to have such luxury of money in our homes.

“I think this is complete madness and things must be set straight. Such situation is unacceptable.

“It is very bad and has got so bad, if the Judiciary cannot be trusted so what are we saying.”

The Nigerian economy is in recession, figures released by the National Bureau of Statistics officially confirmed Wednesday, August 31.

The report also showed hat Nigeria is in its worst economic recession in 29 years as the economy shrunk by 2.06% during the second quarter of 2016.



Source : Naij.com

Naij.com

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