Economic Pains to Continue for Next 10 Years, Says Jimoh Ibrahim

Group Managing Director of Energy Group, Mr. Jimoh Ibrahim

The Group Managing Director of Energy Group, Mr. Jimoh Ibrahim, has stated that the world economy will continue to be in pains for the next 10 years and that there is hardly anything any one could do other than to keep things together and avoid the extension of the likely recovery period.

Ibrahim further explained that the world economy was growing at seven per cent in 2007 when Nigeria had the boom and the economy slid to about three per cent in 2008 and by flow of average the global economy has been osculating in the last seven years, recording a growth of three per cent

“Even if the global economy is going to grow at seven per cent next year, it is not possible to enjoy drastic economic boom until we make up for the deficits of the last seven years. If you calculate that and using the probability on the Monte Carlo stimulation exercise a ten year bet is imperative if we have good governance and do things right,” he said.

Ibrahim advised government to be in congruent reality with basic principle and relax the regulations regime if the fight against corruption will ever have any meaning.

He said many regulations made government officials to feed fat on corruption, as those who intend to keep business do more public relations to stay on, stressing that the cost of such public relation is now unavoidable by the private sector.

“There are signs of recovery but our concern too is in the fact that there are dangerous conflicting signs and that is why it has become not immediately possible for the Federal Reserve Bank and the Bank of England to increase the interest rate. “The price of oil will move up as soon as we approach the weather situation and geomorphology conditions will assist Nigeria in getting better price for her oil,” he added.

Ibrahim urged the Buhari administration to take advantage of the incoming increase in the price of oil to prioritise government projects and use the pilot approach in delivering his promise to Nigerians.

He advised the National Assembly to come up with ways and constitutional means of monitoring federal allocation to the states by way of revisiting the  Nigeria fiscal federalism, which he said would prevent wastage of government resources, adding that it is almost becoming impossible for the states assemblies to exercise their oversight functions at the state level and they need help.

The business mogul advised Nigerians to give Buhari a little more time in the face of the global trends of geo political movement and the China destructive innovation affecting the global economy.

Culled from: thisdaylive.com