Nigeria’s Economy Remains Weak Despite Exit From Recession - Bola Tinubu Says

 

Tinubu stated this in Kaduna on Saturday while delivering a speech as the chairman of the 2021 Sardauna Memorial Lecture held in honour of one of Nigeria’s founding fathers, the late Sir, Ahmadu Bello.

The PUNCH had earlier reported that the National Bureau of Statistics last month said that Nigeria’s Gross Domestic Product recorded a slight growth of 0.11 per cent in the fourth quarter of 2020, indicating the country’s exit from recession.

Speaking on Saturday on the topic, ‘Reduction of the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, the former governor of Lagos State said though the regime of the President, Major General Muhammadu Buhari (retd.), put buffers in place during the recession, the country’s economy still remained weak with “too much unemployment”.

Tinubu stated, “In the midst of our neighborhood demanding situations got here the COVID-19 pandemic, with its debilitating impact on the global and home economies. Nigeria, like many different international locations, has now not been spared the impact of the pandemic.

“Commendably, but, President Muhammadu Buhari has been cautiously steerage the u . S . Thru the pandemic such that the terrible effect on us and the economic system has no longer been as harsh as it'd have been. The economy’s relapse into recession has ended however we have to admit the economy remains vulnerable with an excessive amount of unemployment and sources left idle.”

The APC stalwart additionally warned towards wasteful spending among government officials, announcing authorities ought to spend cash to yield economic returns for the gain of the masses.

He stated, “Fiscal information but now not always austerity is required for an economy like ours in a time like this, to make certain equitable wealth redistribution and meaningful use of assets.

“The years have shown that the private quarter is a lot too weak to spur the increase we want. If the personal region may want to control this feat, it would have already executed so. Where the private region is too weak or unable, the government have to fill the void.

“This approach government need to no longer be afraid to embark on an lively financial policy to create jobs, build infrastructure and increase our industrial sector in addition to continue to improve agriculture. This method government must spend money however spend it on those things that convey the requisite financial returns for the nation.”

The ex-Lagos governor additionally stated task introduction remained key to stop restiveness and illegal activity amongst Nigeria’s younger population.

“While states and neighborhood authorities need to form their budgets to in shape their revenues, the federal government can and should spend extra to create greater jobs for the teenagers in both the north and south which is prime to removing restiveness and varied criminality many of the youth,” Tinubu opined, including, “Urban populations are growing however urban jobs aren't. Here, government must put into effect a countrywide industrial policy to encourage key industries to begin to hire this growing urban paintings pressure.”