NAN-HE-28
Recession
Nsukka (Enugu state) Sept. 21,2016 (NAN) A don, Prof. Cletus Agu, has said that reviewing the country’s monetary policies will help to overcome the current economic recession.
Agu, a former Head of Department of Economics, University of Nigeria, Nsukka, (UNN), Enugu State, made the call in Nsukka on Wednesday in an interview with the News Agency of Nigeria (NAN).
He said if the Federal Government reviewed the country’s monetary policies in a way that it would attract more local and foreign investors, it would quicken economic recovery.
Agu said it would create wealth and more job opportunities for the teeming youths across the country.
“The investments will put more money in the country’s economy as well as create more jobs and lubricate the economy.
“There are number of ways to end recession and one of them is immediate review of the country’s monetary policies.
“The present situation whereby investors are closing their businesses is not the best,” he said.
Agu urged Nigerians to help the government in recovering the economy by patronising made-in-Nigeria goods.
The economist noted that the habit of consuming too much foreign goods at the expense of locally produced ones was a factor that cased the recession.
“Common sense shows that the more a county depends wholly on imported goods, the more such economy suffers setback or even collapse.
“In this country, we have no cause to import items like shoes, textile and some foodstuffs because the quality of those produced in this country are good, but it is unfortunate that we import majority of them.
“No economy in the world has become strong where its citizens prefer foreign goods at the expense of locally produced goods,” he said.
The don urged Nigerians to make sacrifices during the recession by cutting down on unnecessary expenses.
“Nigerians should know that government is doing its best to restore the country’s economy and as well that government will not do it alone without the cooperation of the masses.
“I am optimistic that the country’s economy will be stronger after this recession as some giant economies of the world went through the same process before they became what they are today.” (NAN)
HOA/MNA/IA
(Edited by Maureen Atuonwu/Idris Abdulrahman)