NAN-HE-16
Solutions
By Cecilia Ologunagba
Lagos, Oct. 6, 2016 (NAN) Dr Kabir Usman, the Director-General, Centre for Management Development, has blamed the current economic recession in Nigeria on the lack of planning.
Usman said this at a three-day programme for Directors of Planning, Research and Statistics (PRS) of Ministries, Departments and Agencies (MDAs) in Lagos on Thursday.
He said that lack of discipline, poor saving and accountability, were also a major factor in the current recession in the country.
Usman said that the country had the capacity to manage its resources adequately in all ramifications.
He said that Nigerians tended to consume more than what was produced, adding that there was no equilibrium between consumption and production.
“Certainly, if it is like that, there is bound to be challenges in terms of balance of trade.
“We know that the Federal Government has said that it will tackle security; otherwise nothing else will happen in terms of economic activities and Foreign Direct Investment.
“The issue of infrastructure is a must because you have to move infrastructure from one place to another.
“We are blessed with six geo-political zones and everyone has a comparative advantage and other element is to tackle corruption, accountability and responsibility.’’
The director-general said for there to be any meaningful development in a nation, it had to start with agricultural revolution, then to industrialisation and to services.
He said the country moved from agriculture revolution to services without developing the manufacturing sector, adding that this was part of what caused the recession.
Usman, however, said that the issue of recession was not new as it had happened in the U.S, UK, Turkey, Libya and Germany.
He said for the country to come out of it, Nigerians needed to cut cost and work against wastage.
“We don’t only talk about those in government, even private individuals in terms of electricity, if you don’t need it, switch it off and don’t waste water.
“Secondly, it is saving, Nigerians don’t have good savings culture, and before salary comes we have finished spending.
“Savings is very important in terms of government assets, income and also important for individuals; we need to learn to save at least 10 per cent of our income.’’
He said that people should develop appetite for buying Made- in -Nigeria goods, adding that it was the only way to boost the country’s manufacturing industry.
According to him, focusing on the manufacturing sector will also enhance the agriculture sector.
Usman said the country could borrow, involve in Public Private Partnership to develop infrastructure as well as get involved in joint venture to boost economic activities.
“If everything failed, you have to sell your assets.
“Sometimes, you buy a piece of land or a house, there is nothing bad in selling your assets, provided is not going to be misused.
“It has to be properly done with a clear intention that it is going to help government to come out of recession.
“We are thinking about what we can do, we also need to think about how we need to make sure that there is a monitoring mechanism.
“The issue of recession is not new, countries have gone through it and they have come out of recession. If Nigerians are very committed with element of sincerity, we will come out of recession soon,’’ he said. (NAN)
CIA/DE/EEE
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Edited by Ese E. Ekama