Recent comments

LATEST News

‘Recession will soon be history’


The Norwegian Ambassador to Nigeria, Amb. Jens-Petter Kjemprud, on Thursday said that there were obvious indications that Nigeria would soon bounce out of her economic recession.

Kjemprud, who made the prediction at the Nigerian-Norwegian Chamber of Commerce’s First Quarterly Business Roundtable in Lagos, expressed optimism at his assertion.

The Ambassador said that it was imperative to Nigerians to know that Nigeria, like other countries of world, had from past experiences been in such situations, and would soon regain her balance.

“We all know that Nigeria is currently in some sort of economic crisis, but we strongly believe that Nigeria will soon bounce out of its current economic recession.

“We should not forget that the Nigerian economy has had its ups and downs, and would always bounce back. So, this time should not be an exception.

“This is the more reason that we are soon going to be convincing more Norwegian investors and companies to know that Nigeria’s economy will soon bounce back,’’ he said.

According to him, more Norwegian companies are currently closing into the existing investment opportunities in Nigeria.

Kjemprud said that Norwegian companies and investors were becoming more aware of Nigeria’s market, population and mutually beneficial opportunities in Nigeria.

The Ambassador said that his government’s cooperation with Nigeria had been thriving in the areas of off-shore oil sector, fisheries and shipping.

He said that there was currently a large market for Nigeria’s fishery resources in Norway, which Nigerians should take advantage of.

Mr Olusegun Awolowo, the Executive Director and Chief Executive Officer of Nigerian Export Promotion Council (NEPC), said that Nigeria was currently on a “Zero Oil’’ plan and export promotion.

Awolowo noted that Nigeria’s problem over the years had been her refusal to promote the exportation of other products outside crude oil.

According to him, promoting non-oil products exportation is critical to replacing what Nigeria has lost to over-dependence on crude oil.

“We have seen one of the sharpest falls in oil income in Nigeria’s history. Nigeria has, therefore, commenced an Export Revolution.

“Our vision is now to replace oil with the major national foreign exchange earner by growing non-oil exports.

“Nigeria must survive in a world where we have no oil,’’ he added.












THE NATION