Sigh! EU official advises Nigeria to devalue Naira so as to come out of recession .

Today, Fillippo Amato, Counsellor, Head of Trade and Economics Element of EU, explained that recession couldn’t be addressed with traditional development tools. He explained the recession was a current development that has been as a result of amount of factors, such as the fall in oil prices and resurgence of militancy in the Niger Delta.

He said, “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.”.