An Economist, Prof. Chika Aliyu, has warned stakeholders and players in the economy against laxity in implementing the economic plans and policies to get the country out of recession.
Aliyu, a researcher in Development Economics at Usman Dan Fodio University, Sokoto, gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
He said stakeholders should be focused in implementing the Economy Recovery and Growth Plan.
“If there is strong determination, real implementation of the outlined strategies and more economic measures; the country will be out of the recession soon.
“The time frame fixed can be maintained but if there is any laxity and lukewarm attitude from all stakeholders and players, then the period is likely to go beyond already projected time frame.
“Our Monetary Policy Committee has to come up with policies to re-strategise the economy.’’
Aliyu said that the Federal Government should do more to diversify the economy, especially in agriculture and other key sectors.
“We are in rainy season; people should go into farming, government should inject money and empower people to farm.
“The more people go into agriculture, the rate of growth of Gross Domestic Product (GDP) will definitely rise and the economy will be out of recession,’’ he said.
The don, however, said that the recently released GDP report for the first quarter of 2017 had a lot of implication on the economy.
The National Bureau of Statistics said the nation’s GDP contracted by -0.52 per cent (year-on-year) in real terms in the first quarter.
The bureau stated that it represented the fifth consecutive quarter of contraction since first quarter of 2016.
“This has a lot of implication on the economy; if the recession is on short term, the economy will be picking and correcting itself.
“It will be picking up and correct itself at least, first quarter, second and up to third quarter, we will be out of recession,’’ he said.
Aliyu said that what the economy showed now was that more needed to be done because contraction in the GDP indicated that domestic productivity was going down.
“ The economy is in need of more of diversification; we should turn away from oil and concentrate more on the productivity sector.
“People should be doing well in other sectors like agriculture, mining, tourism, recreation activities and any area that is productive.
“If the GDP is improving; economy is recovering very well and speedily, it will stabilise in the near future.
“It will stabilise in future but if it is reversing and going back; this is not good for the economy.
“It signals that more needs to be done and the areas already projected for the recession to end may spill over and go beyond the time limit already projected,’’ he said. (NAN)