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Obasanjo highlights five ways to ease Nigeria out of recession

25 October 2016, 08:29

Abuja - Former President Olesun Obasanjo has highlighted five ways that would help the nation lift itself out of the recession as an economic crisis continues to plague Nigeria, Naij reports.

Obasanjo, while speaking at the opening of the 8th National Council on Industry, Trade and Investment in Ogun confirmed that he supported the establishment of a commodity exchange that would ensure stability in the prices of agricultural produce.

Below are the five ways the former president believes the country could get out of a recession:

The government should put in place an aggressive coastal shipping system to boost trans-African trade with other countries on the continent from the current 12% to about 22%.

We need to spend less on goods that the nation could do away with, earn more from the manufacturing sector and borrow to finance critical sectors of the economy.

There is need to embrace financial discipline with the necessary political will to implement the various policies and programmes of the government aimed at taking the country out of recession.

Constituency projects by members of the National Assembly must stop.

We must embrace increase in the volume of trade internally and externally and the establishment of a commodity exchange to ensure stability in the prices of agricultural produce.

News24 reported that Obasanjo said he warned about Nigeria’s current recession two years ago and noted that his warnings were, however, ignored by the Goodluck Jonathan administration.

Obasanjo said he was concerned about recession when he saw how recklessly the Goodluck Jonathan administration spent the country’s resources.

Obasanjo according to Premium Times said one of the major issues threatening the peace of Nigeria now is the high level of unemployment.

- News 24


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