The Deputy Rector (Administration), Yaba College of Technology, Mr. Omobayo Raheem, says for the nation to overcome the present economic recession, the Federal Government must accord technological advancement of the country urgent attention.

Speaking during the 30th convocation of the school in Lagos Raheem expressed concern over the biting effects of the recession on the economy.

The deputy rector, who spoke on the topic: “Technology as a Tool to Salvage the Current Economic Recession,” noted that the recession was in part as a result of “… malfunctioning and poorly regulated financial networks, the most vital of it being corruption. The remedies will lie not in retreating from global networks, but in reforming and managing them more effectively.”
[ad unit=2]
He added that, “If all looted funds were geared towards research, development and technological investment, Nigeria would hardly experience this recession.”

The deputy rector stated that countries like Japan and Finland that experienced economic challenges in times past, resorted to the use of technologies to address the problem.

“Government responses to recessions determine their outcomes. Nigeria should aim to emerge as a more innovative, greener, more sustainable and diversified economy. To do this, the country will need new growth sectors to make up for dynamism that has been lost due to over reliance on oil. The development of those growth sectors will require a mix of intelligent public investment, partnership with business and entrepreneurship, which should be driven by decisive government leadership and public investment drive,” he stated, adding, “The biggest gains for society will be found in these sectors that both offer the most immediate growth potential, drawing on the nations existing strength, and help meet long term challenges including, green energy, environmental services, biotechnology, and services for an ageing society.”

Raheem, who suggested that the country should easily share and mobilise resources through technological networks, further explained that this will be central to the capacity of various states in the country to respond to the recession innovatively.

He stressed that the country needs a strategy to attack the recession, not just to respond to it. “Short-term measures, with clear goals to stimulate the economy should promote long term innovation, for sustainable growth, restructuring and regeneration.