Skip to content
Subscriber Only

Nigerian Recession Is Imminent, Central Bank Governor Says

  • Delay in signing 2016 budget caused distortions in economy
  • Policy makers left key lending rate unchanged at 12%
Updated on

Nigeria’s economy will probably slip into a recession after a four-month delay in the nation’s budget stalled economic stimulus programs, central bank Governor Godwin Emefiele said.

A “recession, which we signaled in July 2015, now appears imminent,” Emefiele told reporters in the capital, Abuja, on Tuesday. “Even after the delayed budgetary passage in May 2016, the initial monetary injection approved by the federal government may not impact the economy soon.”