What Nigeria Must Do To Get Out Of Recession – Peter Obi
Former governor of Anambra State, Peter Obi says the country did not adequately save from its previous earnings.
Obi stated this on Thursday at the first annual conference of the Guild of Corporate Online Publishers (GOCOP) held at Renaissance Hotel, Ikeja in Lagos.
Speaking on the theme of the conference: “Sustaining Growth Through Diversification of the Economy”, Obi argued that the tragedy of the Nigerian economy is that its export revenue is solely derived from oil.
The former governor provided insight to how countries with similar challenges have fixed their economies.
Obi who went down the memory lane to compare the GDP and external reserves of the country with some countries who had similar experiences with Nigeria between 1980 to 2015, said Nigeria is lagging behind because “we don’t save”.
"We share whatever money we have just as it is done in the motor park. The recession we are facing today is as a result of our low savings."
He charged the Federal Government to save aggressively and diversify the nation’s economy towards manufacturing and investments in developing education.
"Diversifying our economy through manufacturing and investment in education is what we require today to turn around our economy.
"By aggressive savings we’ll be able to get the resources to bring about micro economic stability to the country, defend our currency and be able to attract FDI and portfolio investments and unlock the resources to invest in our deteriorated infrastructure", he added.
Obi pointed out that except those in government, nobody else knows where the economy is headed.