By Esseh Ikora, Uyo
A Financial Consultant, Mr. Akan Udoh, has shocked Nigerians when he asserted that the country is not fully out of recession despite federal government official declaration that the country had exited recession.
He advised Nigerians not to expect immediate turnaround of the nation’s economy after the declaration of the federal government that the country had exited recession.
Udoh, a Fellow of Chartered Accountants of Nigeria (ICAN) who spoke with newsmen in Uyo, said it is too early for Nigerians to expect tremendous turn around in the nation’s economic indices.
According to him “the economy will need quite a period of time to recover fully before we can start experiencing the positive impact of that declaration by the federal government.
“The same government officials who declared that the country is in recession have turned around to declare that the country is out of recession.
“This does not mean that we should walk on gold. We have just come out of recession. We are not yet in a boom.
“The price of items cannot automatically come down. Even when we were not in recession there were inflationary trends.”
Udoh, who is the principal partner of Edemudoh &Associates, an accounting firm, said there were economic indicators that the government financial experts observed before classifying the country as one in economic recession.
“The same experts have now come out to tell Nigerians that the country is out of recession which means that those indices have reversed. We must give the reversal trend time to impact on the economy.”
He explained that, recession means that there were negative economic growths recorded consistently in the country for three consecutive quarters in the year.
According to the chartered accountant, “the mere fact that the country is out of recession means that the managers of our national economy know what they are doing. The economy will grow gradually.
“We are looking at two percent growth rate which the economy must sustain for over a long period of time before we can actually see the effect all over the place.”
