#Financial news

‘Nigeria can be out of recession if…’

By Fatimah Muraina
Nigeria will fully be out of recession if it moves out from its import driven economy to a production/export economy”, it has been declared.

A Chartered Accountant, Mr Idowu Otetubi made this declaration yesterday in a telephone interview with The Hope in Akure.

Otetubi also said that government must take proactive and pragmatic efforts in analysing all the sectors in the country to make up the Gross Domestic Product(GDP).

Nigeria, he said is as an evolving economy that is just coming out of recession.

His words: ” We must invest heavily in the rehabilitation and development of new infrastructure to ensure that they are in good shape. If it is the rail, government should concentrate on it and make sure it is working”.

Otetubi expressed the need to generate adequate power to cater for the industrial and productive sectors which invariably, he said will attract investors into the country.

“Our political base and political structure must be very stable and we must build confidence in them before we can attract foreign direct investment into the country”, he said.

Otetubi also noted that there is urgent need to work on the financial sector in a way that could facilitate foreign direct investment.

The Bank of Industry should lower its interest rate on loan at single digit and give more fund on productive ventures.

“If we are able to do that, then we will be moving gradually from import consumption economy to production export economy”, he stressed.

The Chartered Accountant further advised that government should create enabling environment for the small and medium scale industrial sector while ensuring the support of banks to boost the manufacturing and production companies to increase the country’s GDP.

According to him, if Nigeria is able to develop other sectors, it will be thinking of a very good and balanced economy.

“Nigerian government must create the enabling environment and ensure that foreign direct investments are attracted to boost the nation’s economy”, he concluded.

‘Nigeria can be out of recession if…’

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