Some experts have advised the Federal Government to take steps to avoid the relapse of the economy into recession.
They gave the advice in Lagos on Tuesday while reviewing the state of the economy on the occasion of Nigeria’s 58th independence anniversary.
Dr Samuel Nzekwe, a former president of Association of National Accountants of Nigeria (ANAN), advised the government to align fiscal and monetary policies to attract investments into the country.
He said this became imperative since the Central Bank of Nigeria (CBN) had warned that the country might relapse into recession.
He said foreign investors would only invest in the economy if the business environment was conducive.
NAN reports the CBN Governor, Mr Godwin Emefiele, said after the Monetary Policy Committee (MPC) meeting on Sept. 25 that the economy might relapse into recession if certain steps were not taken.
Emefiele attributed this to the slow growth of the Gross Domestic Product (GDP).
An economy is said to be in recession after contracting for two consecutive quarters.
NAN recalls that the economy slipped into recession in 2016.
It declined to 1.5 per cent in the second quarter of 2018 from 1.95 per cent in the first quarter.
Nzekwe said government should focus more on improving economic indices to attract foreign investors and boost public-private partnerships.
He said Nigerians needed to be constantly encouraged to consume locally produced and stop preference for foreign goods.
“No country has ever created a great economy by depending on the industrial outputs of other nations.
“The task of rebuilding the economy is an assignment for all Nigerians,” he said.
Nzekwe said the last recession should have taught the country to come up with comprehensive inward-looking policies to boost local production.
He said government must enhance individual liquidity by spending wisely on agriculture, infrastructure and stimulating the manufacturing sector.
Mr Titus Okurounmu, a former director in the Department of Statistics at the CBN, advised that both federal and state governments should borrow from the capital market to finance revenue-yielding capital projects.
According to him, government is key to stopping recession and revert the economy to the path of growth.
He said government should also ensure that the economy did not go into recession by checking inflation and boosting per capita income.
Okurounmu said reducing per capita debt level, lowering interest rates and ensuring conducive atmosphere for business are key to avoiding recession.