Salami, who spoke at the virtual seventh National Economic Outlook by the Chartered Institute of Bankers of Nigeria , noted that the “accelerating inflation and grim labour market conditions” put household sector under pressure despite the improvement in the gross domestic product performance as shown by data of the third quarter of last year.
In the face of escalating inflation, slow growth, currency crisis and rising debts, the consultant said achieving macroeconomic stability remained a major challenge. He listed the pre-COVID-19 existing structural challenges to include macro instability, stagflation, pressure on households and corporate margins, as well as growing fiscal/external imbalances and monetary policy distortions.
ON his part, Dr. Biodun Adedipe, whose firm, BAA Consult, collaborated with CIBN on the think tank, said the economy was on “its way to recovery.” He, however, submitted that the recuperation was burdened with enormous risks.
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