Nigeria's economy not entering recession – CBN

By The Citizen

The Central Bank of Nigeria, CBN, has allayed the fear that the nation’s economy may be entering recession.

The apex bank, however, stated that the economy was currently being restructured in accordance with the dynamics of the global economy.

Fielding questions from newsmen in Osogbo at a sensitisation programme the officials of the bank held with the people of Osun State, Mr. Babatunde Okulaja, Assistant Director, Development and Finance Department of the CBN, said one the innovations of CBN to restructure economy is an initiative called Produce Add Value and Export, PAVE.

'Through PAVE we don’t only consume all what we have produced, we package and send abroad and earn dollars. By so doing, GDP is improving and the economy will be better for it,' Okulaja said.

According to him, as the regulator of the economy, CBN has discovered that efforts are mainly geared towards production, while no tangible value was been added to the produced items.

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But through PAVE, Nigerians are being encouraged to add value to the goods produced to make them exportable and thereby earn for the country world stronger currencies.