How Nigeria Can Get Out of Recession , Obasanjo Advice Buhari

Olusegun Obasanjo has given the government of
Muhammadu Buhari suggestions on what it must do to
steer the country out of recession.

Former President, Olusegun Obasanjo
Former President Olusegun Obasanjo has revealed ways
Nigeria can come out of recession. Obasanjo has called
for an 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.
According to Punch, the former president made the
suggestion in Abeokuta, Ogun State, on Monday during
the opening of the 8th National Council on Industry,
Trade and Investment currently holding in the state
capital.
He further advised the government to implement an
aggressive coastal shipping system to boost trans-
African trade with other countries on the continent from
the current 12 per cent to about 22 per cent.
He explained that there was a 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.
The former President also advocated 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.
Obasanjo also kicked against the constituency projects
by members of the National Assembly, saying this must
stop.
In his address, Vice President Yemi Osinbajo said that
the current recession would be short-lived.
He said changes would come “once the Federal
Government is able to resolve the issues concerning
pipeline vandalism and focus on a sustainable
diversification policy.”
Osinbajo said that the loss of about 60 per cent of the
gas for power generation and 60 per cent of revenue
were largely responsible for the economic challenges
currently facing the country.
He dismissed predictions that the recession would last
till around the year 2020 and assured Nigerians that the
Federal Government would not rest until the problem
was resolved.
Osinbajo expressed optimism that despite the drop in
electricity generation to less than 3,000 megawatts,
Nigeria could still meet the 7,000MW target by 2017.
He said work on critical transmission stations would be
completed by the first quarter of next year.
He explained that the Federal Government was currently
working on eight to nine transmission stations across
the country to achieve the 7,000MW generation capacity.
“The President Muhammadu Buhari-led Federal
Government is equally working on increasing gas
supplies to enable the Federal Government increase
power supply throughout the country towards improving
the energy needs of the country,” the vice president
stated.