World economic recession: Jimoh Ibrahim alerts FG, calls for MDAs merger

Ahead of the acclaimed world economic recession, a business magnet, Jimoh Ibrahim, has cautioned Nigerian Government to prepare for the reported economic world recession, saying if the people likes or not, it will come to pass before December this year.

Ibrahim revealed that already, one of the leading economies in the world, America’s balance sheet is having a deficit of about a trillion in import with China growing heavily and coming to Africa with money.

Speaking with selected journalists on Sunday in Abuja, he said it is high time President Muhammadu Buhari takes anti-corruption fight to Ministries, Department and Agencies (MDAs) and as well as merge some federal ministries as part of preparations for what he described as unavoidable world recession.

“We have to be prepared for it; it is something that will break out anytime from now and you have to get ready and it is good that we are predicting it now before it happens.

It is going to happen before the end of December and this recession has a very interesting phase; the phase of massive failure of government.

“In the last recession in 2008, many companies went down, G-electronic, fourth foundation, Leman Brothers and so on, but this time around it is going to be both government and company that will collapse.

So, the recession is coming, it is unavoidable. America’s balance sheet is having a deficit of about a trillion in import and China is growing heavily and China is also coming to Africa with money”, he said.

When asked on what the government can do to prepare for the said recession, Ibrahim said: “Well, preparation in Nigeria depends on the system which is not just about the President. We have been having corruption fight but we have to take the fight to the Ministries because a lot of corruption happens in this area.

“The real point for Nigerian context is what do you do with your abandoned projects? Are you going to borrow money to commence another abandoned project?

So if you have a great number of 11,000 abandoned projects so there is a huge pop for anybody who is in government to work because even if you have no time table of your own you pick these abandoned project and you complete them once you do that unemployed will disappear,

inflation will go down and then what happens your matrix will begin to go up like GDP to foreign reserve, GDP to revenue and current account balances.