OKONJO IWEALA SPEAKS ON WHY NIGERIA WILL NEVER GET OUT OF RECESSION

Nigeria’s former Finance Minister and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, has stated that growth and development cannot be achieved in any country that has loopholes in its foreign exchange rates.

This statement was made at the time the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, promised that the nation’s ailing economy will be out of recession by the end of the third quarter of 2017.

Speaking after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Emefiele said the CBN will not dictate where the much-needed foreign exchange convergence will be, but hopes the rate will head southwards rather than remain on the high side.
But the former World Bank Managing Director who spoke at the launch of ‘Beating the Odds: Jumpstarting Developing Countries’, a book written by Justin Yifu Lin and Celestin Monga in Ahmedabad, India, said there was no one way to growth and development, for any economy without putting some basic principles in place.
“You can have development that takes specific country and context specific situations in hand and begin from there,” she said.
“So, the proposals for industrial parks, industrial zones or what you want to call them as a way of kicking off development in a country fits within this context. For me, I think we should just absorb the lesson that there is no one correct answer to economic growth and development. There is no one path.

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