Mikahil Ogundiran, the chairman of the Institute Chartered Accountants of Nigeria ICAN, has called on the federal government to focus more on other sectors for foreign exchange and stop depending on the oil sector.
The chairman of ICAN said this will allay the fear of going back to recession and will help sustain the economy of Nigeria.
Mikahil Ogundiran said this, following the federal government announcement towards the second quarter of the year of having avoided recession in the country.
Ogundiran who was also an immediate past chairman of Ogbomoso Oyo district made this statement in Ogbomoso In Oyo state at the investiture of Mr Ismali Adigun the new district chairman in Oyo town.
The economic team of the Federal Government could not be far from the truth by saying that we are technically out of recession. It is not what can be declared without studying the indices that we use to determine what the economy is saying. When you see an upward trend in the indices by which an economy is measured, then we can say that we are out of recession.
The government had no option but to announce that we were in the state of economic recession. It was a way of asking Nigerians to reduce their expectation from the present government because of the corruption that was perpetrated under the last government.”
He added, For Nigerians to start feeling the effect of coming out of recession, corruption must be reduced. Sooner or later, our oil will become irrelevant because of the new technological breakthrough.
We now have cars running without fuel and so on. For us to develop as a nation and to feel the effect of economic growth, Nigeria must quickly diversify its economy and target foreign earnings from other sectors rather than oil.
He also went on to advise the Nigerian government to manage their present gains of the economy so as not to fall back into another recession and experience what they experienced in the past few months. He urged the Nigerian government in all sectors to focus their attention majorly on the wellbeing of the nation in general.
We need to study the situation well so that we do not go back into recession. Recession is not strange. It is part of the cycle of an economy. Once in a while, it will appear and disappear. But what we experienced was caused by the recklessness in the management of our economic resources over the last few years.
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