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Vol 49 No 25

Published 12th December 2008


Nigeria

Crisis? What crisis?

The world slump has made nonsense of the budget plans – and slashed expected oil revenues

The Governor of the Central Bank of Nigeria says there is no need to panic, the country is adequately insulated from the global slowdown and will not suffer any recession. Charles Chukwuma Soludo told yet another bankers’ awards dinner in Lagos that the worst that could happen would be a reduction in the growth rate. Nigeria had plenty of capital, a liberalised economic system with flexible prices, robust external reserves, and a sound banking and financial system. There would be no recession because ‘we have enough idle capital waiting to be put into productive use, our growth rate is still driven essentially by peasant agriculture, which is largely decoupled from the global problems.’

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