‘Exit from recession won’t improve Nigerians’ economic wellbeing’

• Nigeria Can’t Exit Recession- SEWUN

Former Dean, Faculty of Social Science, University of Port Harcourt, Prof Okey Onuchuku, has warned that Nigeria’s exit from recession will not lead to improvement in the living condition of Nigerians, as it was induced by mere increase in crude oil production and oil price increase in the international market.

Onuchuku, an economist told The Guardian that the kind of growth Nigeria is experiencing is the type that is not generating employment, a growth that is not reducing poverty, a growth that is not increasing the real values of good and services, rather one of high rate of inflation.

Another economist and Chairman PIB Committee of Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Chika Onuegbu, said the growth which Nigeria had been experiencing recently had given a flicker of hope that she will exit recession soon, but that this will not translate to improvement in the living condition of Nigerians.

Meanwhile, that Nigeria had exited recession, the Steel and Engineering Workers’ Union of Nigeria, (SEWUN) has said any economy that is not producing goods and services cannot come out of recession.

National President, SEWUN, Elijah Adigun, who disclosed that 272 factories had closed down, 3000 staff sacked since 2016, said government is not protecting local industries enough, which promotes “imported inflation” and ensures that consumers’ purchasing powers is reduced.