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15 Oct 2016

Nigeria's Economic Recession May Last For 20 Years - Nigerian Billionaire Breaks Silence

Business mogul and politician, Jimoh Ibrahim has warned about the elasticity of the current economic recession faced by Nigeria.

Businessman and Ondo governorship aspirant, Jimoh Ibrahim, has warned that the current economic recession facing Nigeria may last for another 20 years if the global oil price continues in its downward trend.

Mr. Ibrahim gave the warning on Thursday at the launch of the book, Worshiper In the Temple of Justice, organised in honour of emeritus professor of law, David Ijalaye, at the Oduduwa Hall of the Obafemi Awolowo University.

“With the current crude oil prices and current situation of the country, except there is a miracle that will chance the situation, we may be experiencing this recession for 20 years,” he said.

“Our Naira has lost its value and this is the worst recession I have seen in many years and nothing seems to be happening.”

Mr. Ibrahim recommended that Nigeria adopts the economic model of Iran in order to record meaningful development while speaking with Premium Times.

On the recent arrest of judges by the State Security Services, he noted that the development could whittle investor confidence.

“In a case where a judge is found with over N54 million and that it was found under his bed, no one would want to do business with you,” he said.

“It is very bad and has got so bad, if the Judiciary cannot be trusted so what are we saying.”

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