Recession: Economic Expert Afore Frowns At Nigeria’s Grim Economy
Says industrialisation is the way out
By Ndu Samuel, Asaba
Renowned economist and public affairs analyst Dr. S. O. Afore has said that the only way out of the current economic recession bedeviling the country is aggressive industrialization. The Liberator Newspapers can report.
Afore stated this while making appraisal of the state of the nation’s economy, upsurge in insecurity and President Buhari’s government inability to stem the tide
The Ojobo, Burutu LGA born economist lamented that it is most unfortunate that the country is experiencing a second wave of recession In four years.
He said first “was in 2016 into 2017 when we were plunged into recession due to policy summersault closure of land boarders which led to our GDP netting negative due to political decisions at the time.”
He said that though it “was long predicted since the end of the first quarter this year that the country may experience another wave of recession yet those in authority paid leap service with an assumption that things were going to get normal with some sorts of maradonic approach.”
He also faulted Finance minister’s claim that Nigeria will come out of recession before June 2021, saying “For the minister of Finance Mrs Zainab Ahmed to assure us that we are coming out of recession by the first quarter of 2021 is to say the least a mirage. What are the mitigants on ground “
“Agreed Land boarders are opened for goods to filter in, CBN’s boasts in the supply of dollars, are steps in the right direction
“However, this country can only move forward when we indulged in Agro allied industries, let us bring in expertise for the construction of petrochemical industries that way brain drain will reduce, more jobs will be created and most certainly our GDP will skyrocket.
“Also, build factories closer to raw materials, improve power generation to allow for cottage industries to operate maximally.
He posited that “The challenge with our leaders is the insincerity of purpose, we can leverage on our assets for a mutual and steady growth.
While commenting on the wave of insecurity in the country specially in the north, he said Nigerians are tired of a government that cannot secure lives of its citizens and urged the president to fix the security challenge or resign.
“Insecurity is becoming a monster in our nation, the recent killing of 43 rice farmers in Borno state by armed bandits is unacceptable, I call on President Mohammed Buhari to fix the issue of insecurity in the country or honourably resign.
“We are tired of a government whose service to its citizens is only to bring about pain.” He added.
