Experts blame recession on lack of foresight

Economists and financial experts have blamed the country’s current economic challenges on lack of foresight and failure to save when there was surplus.

They were, however, optimistic that the current hardship facing the country would enable the Federal Government to reposition the economy.

According to them, Nigerians have the capacity to move above recession with a positive attitude and mindset, because the challenges will definitely bring out the best in the country.

They stated this at separate public dialogue and book presentation, held yesterday at the Nigerian Institute of International Affairs (NIIA), Victoria Island, Lagos, where experts in finance and history addressed salient issues affecting the country.

A seasoned economist and policy analyst, Dr. Temitope Oshikoya launched three books The Art of Central Banking in Nigeria; The Nigerian Economy and Pathways to Shared Prosperity in Nigeria.

I am the Nigerian Nation (1914-2007)” by Olusiji Awosika was also launched.

Dr. Abraham Nwankwo who represented the Minister of Finance, Mrs. Kemi Adeosun, assured Nigerians that government was dealing with the economic challenges and the issue of corruption.

He said: “We are not operating in a senseless economy, but in a sensible large workforce of 36 states and the Federal Capital Territory (FCT). Nigerians are very resilient and have the capacity to move above recession. Nigeria can diversify her export earnings through the various solid minerals.”

Special Adviser to President Muhammadu Buhari on Economic Affairs, Dr. Adeyemi Dipeolu, informed the gathering that the government was making plans to reposition the economy within six months.

“One of the policies is to pay outstanding salaries at federal and state levels and how the government can raise revenue and ensure that resources are well managed. Government also intends to embark on social intervention programmes and create jobs for the youths.”

Mr. Kyari Bukar, who was the chairman of the launch said the reason the country is in recession is because “we didn’t put an umbrella aside to protect us.” He noted that the economic subject of Nigeria was too important to economists, adding that every encounter he had had with the author was a learning experience.