NIGERIA NOT DOING ENOUGH TO EXIT MELTDOWN – VITAFOAM MD

As other countries make frantic efforts to ensure that they exit the global recession that held the world in its grip in the last two years, the Nigerian government is not making sustainable moves towards that goal.

The Managing Director, Vitafoam Plc, Dr. Dele Makanjuola, who said this during an exclusive interview with our correspondent on Thursday, argued there are no strong indications that Nigeria will soon see the last of the meltdown.

He said, 'While the big economies of the world are about getting their acts together, on this side of the divide, I really wonder whether we are actually taking hold of what is on the ground. The challenges are there, but I believe that as a nation, we are yet to articulate the effects of the meltdown.'

Though Makanjuola acknowledged that the Governor of the Central Bank of Nigeria had taken some steps in the right direction, he added that there were more to be done if the country was to come out the financial crisis.

He, however, blamed political instability for government's inability to do the necessary things.

Makanjuola said, 'In my own opinion, it is only the CBN that is trying to do something about it. There are many interventions that should take place, which are taking place and that can easily be linked to the political instability that we have.

'There are a lot of actions and decisions all the various ministries and agencies are supposed to take but we cannot, because the policy that will drive it is not even there. I do not think that Nigeria is even trying to come out of it.'

Speaking on how Vitafoam was able to survive the global meltdown, Makanjuola said that even though the company had challenges like many other organisations, the efficiency of the its business processes ensured that it did not go down like many others.