According to him, this will sustain the economy and allay the fear of falling back into a recession.
The Federal Government had announced that the economy exited recession in the second quarter.
Ogundiran, who is the immediate past
chairman of Ogbomoso (Oyo) District Society of ICAN, spoke at the
investiture of the new Chairman of the district, Mr. Ismail Adigun, in
Oyo town.
He said, “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.”
Ogundiran added that Nigeria must also
manage the present gains of its economy to avoid a repeat of what it
experienced in the past, urging government at all levels to show more
commitment to the welfare of the populace.
“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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