Economic Recession: Mixed Reactions Trail Minister’s Comment

Some resident in Port
Harcourt, the Rivers State capital, have expressed mixed feelings over  a statement credited to the Minister of Finance, Mrs Kemi Adeosun, that the nation’s economy was technically in recession.
A Professor of Economics at the  University of Port Harcourt, Okey Onuchukwu, in a chat with our correspondent, stated that the nation’s economy was in serious trouble and will persist if urgent measures are not taken to combat the challenges.
Onuchukwu expressed worry that the development would also deter investors from coming into the country and cause existing ones to quit and move to neighbouring African countries adding that it would throw the masses into panic.
For Mr jerry Abah, a businessman, “it is sad that we found ourselves in this situation. How can a country record – 0.36 per cent GDP growth from 2.11 per cent? Urgent steps need to be taken to address the state of the economy to avoid bankruptcy.
Another respondent, Dike Austine, secretary of the United Creek road Market Traders Association, lamented the situation, saying the situation is grave, unless something is done fast, people will die of hunger and starvation.
Also responding, Pastor Lawrence Igar said, “the state of the nation’s economy is very depressing, this is due to negligence of our leaders, present and past and possibly future because we are known to recycle politicians”.
He added: “we the religious leaders too are not blameless, we are praying for our nation as we should whereas the Bible enjoins us to pray for constituted authorities”.
On her part, Mrs Dansy Amachree, a school proprietress, said the situation was precarious, saying, “the future is bleak,  now we are on vacation, we don’t know how many of our children will return to us. It was difficult for many parents to pay the schools fees last term”.
She continued: “Look at the inflation rate, very high and our purchasing power has reduced, we still earn the same salary but prices have gone astronomically high. At this rate, it is difficult to see a bright future”.
It would be recalled that Adeosun had in her appearance before the  Senate stated that the current economic indices in the country shows that there was an economic downturn and urged the citizenry not to panic over the situation saying that the economy will soon turn around for good.

Tonye Nria-Dappa