EXPERT SAYS PARADIGM SHIFT IN ECONOMIC GOVERNANCE WILL HELP NIGERIA OUT OF RECESSION

Faithful execution of the 2017 budget will go a long a way in cushioning the effect of economic recession on Nigerians.

And if Nigeria must come out of the recession, a paradigm shift in economic governance that is participatory and result oriented will be needed.

This is according to a world bank technocrat, Prof Foluso Okunmadewa, while delivering a lecture on the theme :Harvesting the silver lining in the Nigerian Economic Recession" in Osogbo, the Osun state capital.

Since Nigeria was hit by a sharp decline in its economy otherwise called economic recession, experts have been finding out ways and giving suggestions on how best the menace can be tackled.

Prominent mong several options and solutions proffered so far is a total diversification of the economy away from oil.

At a public lecture on the theme : Economic Recession in Nigeria "Harnessing the silver Lining" in Osogbo, the Osun state capital, a world bank Technocrat Prof Foluso Okunmadewa suggested some ways through which Nigerians can deal with the economic reality of the nation.

And these include:

1. paradigm shift in development planning and execution

2. Need for an inclusive recovery agenda especially at the state level

3. A call for partnership in agenda implementation with the private sector

4. inclusiveness of indigenous stakeholders in all political and economic processes at decision making level, among others.

Prof Okunmadewa who was the guest lecturer at the event identified crash in the global price of oil and Drop in oil output for export and revenue due to bunkering, oil theft and militant action as major causes of recession. 

Also speaking on ways to tackle recession, the Osun state deputy governor, Titi Laoye-Tomori stressed that the most viable way is Agriculture.

Both speakers agreed that growing out of recession in a sustainable manner is a collective task that must undertaken by all Nigerians.

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