An official of the European Union (EU), Fillippo Amato on Monday advised the Federal Government to devalue the naira, as part of measures to bring the country out of recession.

Amato, Counsellor, Head of Trade and Economics Section of EU said recession was a new development that cannot be tackled using traditional tools.

He said, “To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.

“Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.

“At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.

“Improving security (in the Northeast and Niger-delta) and ease of doing business are also key factors on which the government must urgently work to re-launch the economy.”

Amato said EU would increase its support to the country under the Economic Partnership Agreement if ratified.

He said, “EPA aims at boosting industrialisation and sustainable development of West Africa, both through improved (predictable, transparent and long-term) trade relations and through a development cooperation component.

“In addition, on Sept. 14, the EU has launched a European External Investment Plan which will further support private sector investments in the African continent, including Nigeria.

“The plan will support investments in the continent by providing targeted guarantees and ameliorating the investment climate and the overall policy environment in partner countries.

“The Plan will be implemented through the new European Fund for Sustainable Development, with EU funds totalling 3.35 billion Euros until 2020.

“The EU Funds are expected to mobilise up to 44 billion Euros additional investments.”

Azeez