BY Ahoame Raymond
As part of the efforts being made by economic experts to tackle the current economic crisis confronting Nigeria, the Department of Economics, University of Ibadan, organised an economic symposium tagged “Nigeria’s Recession: External and Internal Shocks; the way out”.
The symposium was held on Thursday April 20, 2017 at Trenchard Hall, University of Ibadan.
One of the panelists, Professor Lanre Olaniyan, Director General, Centre for Sustainable Development, opined that the element of the recession were in the “angle of expenditure, which encompassed decline in consumption, investment and reduction in government expenditure”.
On how these translate to a recession, the Professor stated that dipping of oil prices in the international market birthed expenditure problems, reduction in “state governments expenditures, inconsistent government policies, income reduction and political divide among politicians” which led to lack of savings of the excess crude oil income in 2014 to 2015.
On his part, Professor Olu Ajakaiye; Chairman of Africa International Council of Management of Social Transformation (MOST), UNESCO, submitted that both politicians and economic stakeholders in the country should avoid adopting economic policies of top economies like the USA, Britain and others which seems to pull down the so called “emerging economies”.
He also called on the Nigerian diaspora to invest into the Nigerian economy.