Nigeria’s Vice President, Professor Yemi Osinbajo, says Nigeria can only get out of recession by looking at solutions that will take full consideration of Nigeria’s peculiar circumstances and composition. The Vice President expressed this while meeting with private sector stakeholders at a quarterly business briefing at the Presidential Villa.
He said that Nigeria cannot afford to make the usual error of generalization or speculations, which would not help in stopping the recession. Professor Osinbajo, who had attributed the current economic recession in the country to the sharp drop in power generation, occasioned by vandalism by militants, reiterated that one of the key areas which needs to be addressed to fast-track the rebound, is the area of power generation.
The power sector, according to him, must be brought back up to 5,000 megawatts from which it dipped in February 2016.
Ease of doing business, reduction of interest rates, and access to finance among other things, should also be looked into.
He expressed optimism that the economic recession the country is battling with would be short-lived if citizens decide to openly shun corruption.