News Agency of Nigeria (NAN)

No need for ‘panic’ over Nigeria’s recession

Finance Minister, Kemi Adeosun

By Chijioke OKoronkwo

The Chartered Institute of Financial and Investment Analysts (CIFIAN) says there is no need for the Nigerian Government to panic over the economic recession facing the country.

Dr Olusegun Agoro, Registrar, CIFIAN Board gave the advise while speaking with the News Agency of Nigeria(NAN) at the sidelines of CIFIAN’s  10th Induction and Awards Night on Saturday in Abuja.

It was also the institute’s 3rd Annual Symposium on Emerging Market: Nigeria and Beyond.

The theme of the symposium was, “Economic Recovery: Review and In-roads to Revitalisation, the Analysts’ Perception’’.

According to Agoro, the way the Nigerian Government goes back and forth with policies recently shows that it is panicking over Nigeria’s economic recession.

“The government should not panic; recession is common to every economy.

“If an economy is in recession today, it will get out of it if the government plans very well; if you are afraid about recession, you will end up making mistakes.

“The government should avoid panic and allow its policies to unfold for a while; and we will see the economy getting back naturally.

“Let a policy run before getting another; we have seen a lot of policy somersaults in the face of this recession; it is a sign of panic,’’ he said.

On his part, Dr Gbadamosi Olatunde, the Vice President, CIFIAN Board told NAN that the institute looked into the economy to analyse the trend and advise the Federal Government accordingly.

He said he subscribed to idea of borrowing money to solve economic problems if the money would be judiciously utilised and directed into infrastructure.

“Government should engage experts in the quest for loan and its deployment.

“Since there is a change begins with slogan, leaders should lead by example.

“Two planes in the presidential fleet have been given out; others should be sold; only two should be left to save cost,’’ he said.

Olatunde said that the institute would submit its recommendations on solving Nigeria’s economic problems to the government.