‘Weak institutions, poor policies bane of nation"s economic growth’

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Utomi, Soludo claim Nigeria recession is self inflicting

A PROFESSOR of political economy, Pat Utomi, on Wednesday, said weak institutions had posed a significant drag on the nation’s economic growth stressing the need to fast track the diversification programme.

This was just as the former Governor of the Central Bank of Nigerian, Prof Charles Soludo has described recession as cyclical, urging Nigerians to prepare for the next recession that will hit the country in the nearest future.

The experts, who spoke at the Uche Ahubelem Centre for Human Development event in Lagos, said there was need to strengthen the institution and accelerate the diversification of the nation's economic base.

According to them, strong institutions in Nigeria would help mitigate uncertainties, set boundaries, fast track developmental programmes and prepare the nation for the next recession, which they said is imminent.

While speaking on a theme: 'Recession Succeeding in Recession', Utomi described the recession as self inflicting, noting that weak institutions and inappropriate policy choices was posing enormous to the implementations, a situation which he said had seen the country move 'two steps forward and four steps backwards'.

Utomi stressed the need to boost human capital development in Nigeria, adding that it is critical for economic growth.

In his remarks, Soludo maintained that Nigerians might not be out of the problems created by the recession immediately, advising entrepreneurs and unemployed youths to belt up to overcome the challenges posed by the recession.

“Nigeria will be out of recession soon, technically; when you achieve 0.01 growths, you are out of recession. But the scars of the recession will remain with us for a while,” Soludo said.

The former CBN governor advised Nigerians, both individuals and businesses, to adopt measures and strategies that would help them to overcome the effects of the recession.

Soludo gave seven keys entrepreneurs and unemployed youths could use to unlock doors of opportunities in a recession.

He itemised ways the participants could succeed not only in recession but in a world of continuous disruption occasioned by technology and growing population among other factors.
He added, “Oil is gradually becoming a history. In the next couple of decades, changing technology and growing population will change the business and economic landscape.”