Business
EU offers Nigeria advise on how to escape recession
The European Union, EU, has advised the Federal Government on a number of steps to take to tackle the current economic recession in the country.
The EU stated this through its Head of Trade and Economics Section, Fillipo Amato, on Monday, adding that the devaluation of the Naira should be the first point of call.
According to Amato, there is no way recession could be addressed with traditional development tools.
“To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.
“Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.
“At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.
“Improving security (in the Northeast and Niger-delta) and ease of doing business are also key factors on which the government must urgently work to re-launch the economy,’’ he said.
Amato said that EU had been implementing programmes in the country with the support of its partners – GIZ, DFID/Adam Smith International and UNIDO – was the Nigeria competitiveness Support Programme.
“The programme aims at improving the quality of Nigeria products to comply with international standards.
“We support the trade institutions in the formulation and implementation of a sound trade policy (support to the Federal Minister of Industry, Trade & Investment, and Nigerian Customs Service).
“This is to improve the business environment, with pilot projects in Kano and Kaduna to improve the procedures for obtaining land titles, and business licences,’’ he said.
By Timothy Enietan-Matthews….
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