Fillippo Amato, Counsellor, Head of Trade and Economics Section of EU, explained that
recession could not be addressed with traditional development tools.
He said the recession was a recent development which was due to a number of factors, including the fall in oil prices and resurgence of militancy in the Niger Delta.
“To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.
Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country. At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.”