Founder of Diamond Bank and Chairman of MTN Nigeria, Pascal Dozie, in this CNBC Africa exclusive with Wole Famurewa, asserted that the economic recession in Nigeria was long in coming, adding that a close observation of the pattern of economic development shows that a crunch was on its way.
He said what is being experienced wasn’t unexpected, adding that Nigeria’s case is one of lost opportunities.
“I think it is what some might call taking a lot for granted, because we positioned ourselves wrongly. We positioned ourselves as an oil economy, but Nigeria has never been an oil economy. The oil has been a distraction to the economic development of the country. Nigeria is an agricultural economy.”