Jimoh Ibrahim, a Nigerian business mogul, has cautioned the Federal Government to put adequate measures in place to cushion the effects of world economic recession expected before December this year.
Ibrahim revealed that the balance sheet of the leading economy in the world, America, “is having a deficit of about a trillion dollars in import while China is coming to Africa with money for investment.
Speaking with newsmen last weekend in Abuja, the billionaire businessman said it was high time President Muhammadu Buhari took his anti-corruption fight to Ministries, Departments and Agencies (MDAs), by merging ministries as part of preparations for the unavoidable world recession.
“We don’t have to be prepared for it or not, 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 and not many people know and maybe the Federal Government may not know that another world recession is coming, but it is going to happen before the end of December. This recession has a very interesting phase; the phase of massive failure of government as opposed to company failure.
“The last recession in 2008 companies went down, G-Electric, Fourth Foundation, Lehman Brothers and so on, but this time around it is going to be both government and companies that will collapse.