An Economist and former special assistant (Economic Affairs), Office of the Vice President, Federal Republic of Nigeria Emmanuel Onwiodukit has blamed the country’s economic recession on poor policy choices by the federal government
Onwiodukit who is a professor of Economics at the University of Uyo said the Federal Government has not shown “any spark of hope in the area of recruiting competent people to manage its affairs.”
According to him, there is a greater danger that the adverse impact of the recession will outlive the current administration given the rate the debt is being incurred.
“There is a need to reset and restructure the country for efficiency.
“The government should look beyond ethnicity and party lines to salvage Nigeria.”
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In an interview, the professor who also served as chief economist at West African Monetary Institute, as well as a senior economist at the Central Bank of Nigeria, explained that “If the oil price falls below $28 dollars for a prolong period of up to seven to 11 months, Nigeria will not be able to service her external debts obligation.”
Onwioduokit who also blamed the country’s economic woes on the selective closure of the country’s borders describes trade as a life wire of economic development which he said could boost economic activities in the country.
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