Utomi, Soludo insist Nigeria’s recession self-inflicted, effects will be felt for a long time

A political economist and Founder of the Centre for Values in Leadership, Professor Pat Utomi, has regretted the economic recession in the country and insisted that it is self-inflicted.

Like Utomi, former governor of the Central Bank of Nigeria, Professor Charles Soludo, who said Nigeria’s economy, would technically be out of recession soon, however lamented that its effect would be suffered by Nigerians for a long time.

They both stated this in Lagos on Wednesday at a seminar on entrepreneurship entitled, “Succeeding in recession” and organised by a non-profit organisation, Uche Ahubelem Centre for Human Development.

“Our recession is self-inflicted. I am one of the persons that have always insisted that our recession is self-inflicted. We need to re-programme ourselves as a country. God loves us as a country. The recession is, therefore, an opportunity to do a rethinking,” Utomi said.

According to Utomi, wrong policy choices, inadequate human capital and weak institutions is the cause of the recession in Nigeria, a situation he said affects many African countries.

He regretted that a recent investment report placed Nigeria as the least place to do business in Africa.
Utomi however, urged the audience at the event not to allow the economic recession prevent them from engaging in meaningful ventures that would enhance job creation, adding that the current recession was an opportunity for Nigeria to rediscover itself.

Read also: Hope for universal minimum wage increase dims as Osinbajo hints at selective approach

Soludo in his speech said “Nigeria will be out of recession soon, technically. When you achieve 0.01 growth, you are out of recession. But the scars of the recession will remain with us for a while.”
He also advised Nigerians to embrace measures and plans that would help them to overcome the effects of the recession.

“Oil is gradually becoming a history. In the next couple of decades, changing technology and growing population will change the business and economic landscape,” he added.

Personalities who also spoke at the seminar include the Chief Executive Officer, Reality Point Limited, Mr. Debo Adejana; a mind, emotions and behavioural coach, Mr. Lanre Olusola; the CEO, Advantage Health Africa, Abimbola Adebakin; the CEO, Thistle Praxis Consulting Limited, Ini Abimbola; and the CEO, Brickwall Group, Mr. Uche Ahubelem, who is also the host of the event.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now