By Stanley Nwanosike
Enugu – An Economist, Dr Ifediora Amobi, on Thursday urged Nigerians not to panic due to the economic recession currently being faced in the country.
Amobi, a researcher and former Executive Director of African Heritage Institution (Afri-Heritage), gave the advice while speaking with the News Agency of Nigeria (NAN) in Enugu.
He noted that recession was not a new phenomenon as most countries, including Nigeria had passed through recession in the late 60s and early 70s.
“ Nigerians shouldn’t panic as the recession will come and go.
“The most important thing is what the Federal Government is doing about the situation.
“I believe that the recently announced financial stimulus by government would put money into the system and into the hands of Nigerians.
“The stimulus should be done with tact in order to create the needed objective of increasing consumption that would in turn increase production for the industries to bounce back and create the needed jobs.
“The Central Bank should keep eagle eye on the fiscal policies, liquidity and lending rate, in order to bring needed adjustment that would reinvigorate the economy.’’
He, however, urged governments at all levels to check wasteful spending as well as cut down the cost of governance across board and tiers of government.
“Financial prudence is the watch-word as we gradually move out of this predicament and our leaders must not only talk about prudence but display frugality in concrete actions,’’ he added.