- The warning on recession by Governor Abdulaziz Yari of Zamfara state have been reacted to by financial experts and industrialists
- According to Governor Yari, a fresh recession is realistic in the country in 2020
- An expert in microeconomics analysis, Abiola Rasaq, says there is need for macro-economic reforms in the country to avert going into recession again
Some economic and financial experts as well as industrialists in Nigeria have reacted to the warning made by Governor Abdulaziz Yari of Zamfara state that a fresh recession is realistic in the country in 2020.
The chairman of First Bank of Nigeria, Ibukun Awosika, called on the governors to use their power and resources to gain the trust of their people so as to increase the revenue of their states through tax, Daily Trust reports.
Legit.ng notes that she said: “I am pleading that now that you have the power, elections are over, now you are in office, you have the power and resources of the state and if you gain the trust of the people, they will pay more taxes. When you gain the trust of the people by performance and the things that you do, ultimately you will benefit from it.
"Because, when you see a great man do great things that affect your life every day, when he is done with the office, the position is over, when you see him on the streets you will stop by to greet him and say honour him and respect.”
In his reaction, an expert in microeconomics analysis, Abiola Rasaq, said there was need for macro-economic reforms in the country to avert going into recession again.
He said: “It reinforces the need and hopefully it may stimulate the political will to proactively execute overdue macro reforms that can potentially accelerate economic growth and avert the risk of slipping into recession."
According to Dr Okoroafor Kalu David of University of Abuja, the economy from statistical evidence is growing at the rate of 1.9 per cent and by IMF rate prediction; the next year’s own will be around 2.3 per cent.
He said: “One of the chief factors in production is power, it has been a recurring decimal and has become like a song in the mouth of every Nigeria. Power is very vital as there is no part of the sector that is not in need of power and nobody can keep producing power for himself.”
Professor of capital market and head of Banking and Finance department, Nasarawa State University, Uche Uwaleke, said the federal government should not ignore a warning by the Central Bank of Nigeria.
He said: “The Federal Government can only ignore at its peril the recent warning by the Central Bank of Nigeria (CBN) that Nigeria risks drifting back into recession if economic downturn is not reversed quickly."
Legit.ng previously reported that the Nigeria Governors’ Forum (NGF), warned that Nigeria as a country should get prepared for another cycle of recession by mid 2020 and the third quarter of 2021.
The forum asked state governors to work hand in hand to boost the economy in tandem with the global best practices.
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While speaking in Abuja at the induction of new and returning governors, the governor of Zamfara state and NGF chairman, Abdulaziz Yari, told the newly elected and returning governors to prepare for the possibility of another cycle of recession.
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