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Nigeria and global economic crisis

Obasanjo foresees economic recession in Nigeria

Former President, Olusegun Obasanjo

Former President Olusegun Obasanjo has urged Nigerians to prepare for worse times economically, predicting that the global economic recession will take its toil on Nigeria during the new year

Speaking when Ogun State Governor Gbenga Daniel visited him yesterday in Abeokuta, South West Nigeria, Obasanjo who ruled Nigeria between 1999-2007 said:


“It does not matter which part of the world we are… it does not matter what we produce or the level of our development… this recession will touch everyone of us. If we base the budget on $45 per barrel in the year 2009 and the prices of crude oil fall below $40, we don’t need an oracle to tell us that we need to tighten our belts. That is the outlook for the world economically and it is not too bright because whatever affects the rest of the world will affect Africa and Nigeria.”