Featured Finance

Recession: Expert urges FG to implement Economic Sustainability Plan to reflate economy

An Economist, Mr Titus Okurounmi, has urged the Federal Government to implement the Economic Sustainability Plan, in order to reflate the country’s economy and grow it out of recession.

Okurounmi,  a former Director of the Central Bank of Nigeria , made the call in an interview  with the News Agency of Nigeria (NAN) in Lagos  on Monday.

According to him, investing in infrastructure aimed at enhancing the service sector will rebound the country’s GDP growth.

“ The 3.62 per cent contracted growth which led to a recession is triggered by the COVID-19 pandemic.

“ The pandemic had affected the price of oil in the international market, leading to revenue shock for the government,” he said.

He said the federal government must continue to improve the conditions of doing business to attract investors, as this was the second time the recession was occurring.

Proffering solutions, he said the federal government should consider having more youth empowerment schemes so as to stimulate growth in the economy.

“Having more of such schemes will generate growth especially in the hinterland as the challenges of unemployment will gradually decline because  the youth will be engaged,” he said.

NAN reports that Nigeria’s Gross Domestic Product (GDP) contracted by 3.62 per cent (year-on-year) in real terms in the third quarter of 2020.

The National Bureau of Statistics (NBS) made the disclosure in the Nigerian GDP report (Q3 2020) released on its website on Saturday , Nov.21, 2020 in Abuja.

It also indicated that two consecutive quarters of negative growth had been recorded in 2020.

Related posts

Lagos extends Okada ban to more LGAs

Our Reporter

Ikeja explosion: Lagos orders gas trucks to get road worthiness

Our Reporter

Examining CBN’s Power Sector Intervention

Our Reporter

9 Nigerians miss 2nd U.S. evacuation flight for breaching COVID-19 guideline

Aliyu DANLADI 

NNPC says PH-Enugu pipelines vandalised 600 times in 2018

Editor

Nigeria’s gas revolution can make West Africa energy self-sufficient – Sylva

Our Reporter