Economic diversification key to tackling economic recession

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Linus Aleke, Abuja:

As the nation struggle to wriggle out of the economic recession, government establishments, professional bodies and academia are suggesting best strategies that would fast track the economic recovery of the nation.

Speaking to newsmen at the 3rd Annual Symposium on Emerging Markets: Nigeria and Beyond with the theme “Economic Recovery: Review and In-Road to Revitalization the Analyst Perspective organized by Chartered Institute of Financial and Investment Analyst in Abuja, the Rector Federal Polytechnic Nasarawa, Prof. Shetima Abdulkadir Saidu posits that economic diversification is key to Nigeria’s economic recovery.

Prof. Saidu observed that though government did not utilize the proceeds from oil to diversify the nation’s economy during the oil boom; it is still not late to do that as it is better late than never.

According to him, “A professional body such as ours is expected to be doing what we are doing, it is a national service. We have a problem at hand, the nation’s economy is in shamble but government is making effort to see how it can really address the situation.

“But it takes the professionals to do the job and that is what the institute is doing. We have discussed extensively on the way out of the recession and made useful suggestions. Key among the suggestions is that revitalization of the economy is critical, while diversification of the economy is the best thing that has happened to us as a nation.

“Most of us believe that it is long overdue; it would have been done when we had the oil boom and not now. However, it is better late than never, now that we have a government that is thinking correctly on what needed to be done to ensure that Nigeria does not continue to depend on one commodity as far as the nation’s economy is concerned, it is the best decision that could happen to any nation.” He concluded.

Earlier in an address of welcome, the Chairman of Board of the Institute Prof. J A. Aremu observed that there are more to the current recession than the tens of billions of dollars previous regimes and their private cabal and partners looted as well as the infrastructure they failed to build.

He lamented that the ongoing blame game and frantic rebuttal by the accused would not help the country out of recession but diligent plan plans and workable strategies, saying that statistics from National Bureau of Statistics (NBS) on the nation’s recession is worrisome.

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