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| H.E. JONATHAN. MS LAGARDE, MS OKONJO |
Ms
Christine Lagarde,The Managing Director, International Monetary Fund, IMF, blasted the Nigerian leaders to get back to work and rebuild the Nigerian economy or face the current world economic disaster very soon She said this in Lagos Yesterday while meeting with stakeholders of the Economy
She also warmed that overtly friendly peoples oriented and friendly policies lead to ruin of nations and that Nigeria will not be an exception.
She was of same view with the progressive vanguards of Nigeria like Prince Frank Onaivi Ukonga, Sanusi Lamido Sanusi and the President of the Nigerian Federation H.E.Goodluck Jonathan as well as Prof Pat Utomi who all believe that the Nigerian economy is sick and only a drastic surgical operation like removal of oil subsidy and its antecedent scams will be the only panacea to rescue Nigeria from total collapse.
She said: “A sustained slowdown in advanced countries will dampen
demand for Africa’s exports, and, together with continued financial
market uncertainty, this will likely inhibit private financing flows,
remittances, and concessional financing".
Her remarks came on the heels
of mounting debt pressure in Europe, declining economic growth and
unemployment in the United States of America, China and Asia generally.
Speaking at an interactive session with private sector leaders,
organised by the Federal Ministry of Finance and the Nigerian Economic
Summit Group, in Lagos, Lagarde, cautioned that unless the country
restores its fiscal buffers, such as shoring up its foreign reserves,
oil reserves, foreign exchange rate and churning out people-friendly
policies, it will not be able to withstand the shock of an economic
crisis which is currently ravaging Europe and other advanced countries,
with the threats of it spreading to emerging economies.
She further cautioned that the country’s growth programmes be
all-inclusive and be capable of creating jobs and bringing about a
revival in the real sector.
BY- ADE OGUNRINMLA- LAGOS BUREAU CHIEF NATIONAL PEOPLES NEWS
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