Abuja – The Chartered Institute of Financial and Investment Analysts (CIFIAN), has advised the Federal Government not to panic over the economic recession facing the country.
Dr Olusegun Agoro, the institute’s board Registrar, gave this advice while speaking with the News Agency of Nigeria (NAN) on the sidelines of CIFIAN’s 1oth Induction and Awards Night on Saturday in Abuja.
It was also the institute’s 3rd Annual Symposium on Emerging Market: Nigeria and Beyond.
The theme of the symposium was, “Economic Recovery: Review and In-roads to Revitalisation, the Analysts’ Perception’’.
According to Agoro, the way the Federal Government goes back and forth with policies recently, shows that it is panicking over Nigeria’s economic recession.
“The government should not panic; recession is a common phase in every economy.
“If an economy is in recession today, it will get out of it if the government plans very well; if you are afraid about recession, you will end up making mistakes.
“The government should avoid panic and allow its policies to unfold for a while; we will see the economy getting back naturally.
“Allow a policy to run before putting another in place; we have seen a lot of policy somersaults in the face of this recession; it is a sign of panic,’’ he said.
Also, Dr Gbadamosi Olatunde, the Vice President of the board told NAN that the institute had looked into the economy to analyse the trend and advise the Federal Government accordingly.
He said he subscribed to the idea of borrowing money to solve economic problems if the money would be judiciously utilised and directed into infrastructure development.
“Government should engage experts in the quest for loan and its deployment.
“Two planes in the presidential fleet have been given out; others should be sold; only two should be left to save cost,” he said.
Olatunde said that the institute would soon submit its recommendations on how to solve Nigeria’s economic problems to the government.
