The Monetary Policy Committee (MPC) sounded the warning during its 120th meeting last week. The Central Bank of Nigeria (CBN) committee said Nigeria risks slipping into another recession. All key economic fundamentals point in that slippery road. The oil and gas sector, from where 80 per cent of revenue that sustains the economy is derived, has maintained a consistent decline. The National Bureau of Statistics (NBS) in its second quarter 2018 Nigerian gross domestic product (GDP) report said daily oil production averaged 1.84 million barrels, from about 2 million barrels in the preceding quarter. Although projected daily production capacity in successive federal budgets since 2015 has always been about 2.3 million barrels, never has the target been met. The output has dwindled from a peak of about 2.05 mbpd in the first quarter of 2016. Real growth in the oil sector, the NBS report revealed, decreased by 8.34 per […]