What are the main reasons of economic crisis in Nigeria, according to Dr. Olisa Agbakoba. What measures, in his opinion, should the Federal Government of the country take to prevent hard economic conditions? Read the article to learn all details.
Causes of economic crisis in Nigeria
The former president of Nigerian Bar association, NBA, Dr. Olisa Agbakoba, said about economic crisis in Nigeria, which can continue till 2020. The country can have these problems even longer if the Administration of the President of Muhammadu Buhari doesn't adjust some rules. Speaking with correspondents in Lagos, Dr. Agbakoba told about the urgent need of federal government to develop consecutive financing, trade and monetary policy. He advised the president to form the economic team consisting of experts and to be concentrated on pulling country from recession. In his opinion, the Federal government shall spend more to stimulate growth of economy. Agbakoba said: ‘The federal government shall return Treasury Single Account, TSA, in commercial banks and to create the new agency to control them. Central Bank of Nigeria, CBN, should be limited to the principles of monetary policy and eliminate banking supervision. It shall create new reasonable regulatory authority and bank ethics on control of activities of the financial organizations’ – the Main Defender of Nigeria told.
According to him, Nigeria shall spend many efforts for an exit from financial crisis in Nigeria: 'The government should be determined what policy does it want to pursue. There is only one exit from recession, and it is a large jump forward. You should force economy to jump up. You will be surprised, but Julius Berger and Co gives contracts to construct roads and if for each contract you have 10 percent of unskilled workers, you will find out that the economy will slowly revive. Dr. Olisa Agbakoba chambers noticed that if the government will not take such measures, the country would face long-term recession. He expressed optimism on the fact that Nigeria can revive in the 2nd quarter 2017.
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