5 ways Nigeria can get out of economic recession, according to Dr. Olisa Agbakoba

Former President of the Nigerian Bar Association (NBA) and Senior Advocate of Nigeria (SAN), Dr. Olisa Agbakoba has proffered expert financial solutions to the recession quagmire Nigeria is currently in.

Dr. Agbakoba says the recession will last till 2020 if the FG does not rise up to the occasion in the financial sector.

If President Buhari’s government can take these 5 steps, then we will be out of the recession in no time:

  1. President Muhammadu Buhari needs to set up a team of economic experts and technocrats. He suggested the likes of management expert and former presidential candidate, Prof. Pat Utomi and renowned financial consultant, Mr. Bismarck Rewane.
  2. FG should give Treasury Single Account back to banks at single digit rates and the banks should be supervised. Dr. Agbakoba wants banks to focus on lending and not trading, he recommends a lending base of 5 percent.
  3. The Central Bank of Nigeria should focus on monetary policy. Other functions such as banking supervision and banking ethics should be designated to other authorities. According to Dr. Agbakoba, a new prudential regulatory authority and financial conduct authority should be set up. This way, the CBN will be streamlined to focus on essential responsibilities and productivity.
  4. The government should pump money into the economy by focusing on developmental projects and not austerity measures. Public works like road construction and infrastructural projects should be heavily invested in. Dr Agbakoba suggests that “we must spend our way out of the recession.”
  5. The President needs the willpower to do things right, not the emergency power he’s proposing. President Buhari needs to be clear on what policy it wants to pursue.

Dr. Agbakoba made it clear that though a recession cycle is three years, Nigeria can recover at the end of the second quarter of 2017 if the best measures are employed.

Comments (2)

  1. All nonsenses. rubbishly.

  2. Easier said than done

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