The Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI), have disagreed with the prediction by the chairman of the Nigeria Governors’ Forum, Abdulaziz Yari on the looming recession.
Mr Yari, had told the newly-elected governors on Monday, to prepare for another cycle of possible economic recession by mid-2020.
The recession, according to Yari, who is also the Zamfara state Governor, may not end until the third quarter of 2021.
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The Organised Private Sector group, in a reaction on Tuesday, questioned the basis on which Governor Yari made his prediction about another cycle of recession from 2020 to mid-2021.
According to the MAN president, Mansur Ahmed, “although the economy is not growing as fast as expected, it is growing nonetheless and all the projections from the world bank and other international bodies say that it will keep growing.”
The Director-General, LCCI, Mr Muda Yusuf, said “he could not agree with Yari because he was not speaking in the capacity of an economist and did not put parameters forward to back his projections.”
