Nigeria’s economy won’t collapse, says Okonjo-Iweala

The Minister of Finance, Dr Ngozi Okonjo-Iweala, on has said despite the various challenges facing the country, the economy of Nigeria will not collapse.

The Minister, in a statement on Sunday by her Special Adviser on Communications, Mr Paul Nwabuikwu, said this during a chat with some broadcast journalists.

In the statement, she said the administration of President Goodluck Jonathan had put in place solid economic legacies for the incoming government, noting that allegations that the economy was in ruins were absolutely untrue.


She said, “Despite the economic challenges the country is facing, the Jonathan administration is leaving some solid economic legacies for the incoming Buhari government.

“So the allegations that the economy is in ruins are absolutely untrue.”

“The significant achievements in several sectors attest to this. We cannot take away the fact that the Jonathan administration in spite of the challenges caused by 50 per cent decline in the price of oil has made a clear and measurable difference in many important areas and anyone who says nothing has been done and nothing is being left behind is being very unfair to facts and to history.

“Attempts to rewrite history will not stand. You cannot just wipe the slate clean for political reasons. We are not perfect but no one can take away the fact that we are leaving some good legacies behind.”

The minister also advised politicians and opinion leaders not to talk down the economy because negative and unfactual comments on the economy can have negative impact the economy, the exchange rate and the stock market and reduced investor confidence.

She said, “These negative and unsubstantiated comments are not wise because they can lead to what we do not want for the economy.

“There is nothing wrong with factual assessments of the economy; I have always told Nigerians the truth about the economy. But sweeping and negative statements are not in the interest of the country.

“The statements being made by some personalities about the economy collapsing are not only incorrect they are also potentially dangerous.”