Nigeria’s Economy Is Weak Despite Existing Recession — Tinubu

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Saturday, March 27th, 2021

(AFRICAN EXAMINER) – A former governor of Lagos State, Ahmed Bola Tinubu, has stated that though Nigeria has come out of recession, the country’s economy remains weak

Tinubu made this known in Kaduna on Saturday when he delivered a speech as the chairman of the 2021 Sardauna Memorial Lecture which was held in honour of one of Nigeria’s founding fathers, the late Sir Ahmadu Bello

The National Bureau of Statistics last month stated that Nigeria’s Gross Domestic Product had a slight growth of 0.11 per cent in the fourth quarter of 2020, showing that the country’s exit from recession

Tinubu, speaking on the topic, ‘Reduction on the Cost of Governance for Inclusive Growth and Youth Development in Northern Nigeria in a Post-COVID-19 Era’, stated that even though the administration of President Muhammadu Buhari had put in place buffers during the recession, the country’s economy still remained weak with “too much unemployment”

Tinubu said: “In the midst of our local challenges came the COVID-19 pandemic, with its debilitating impact on the global and domestic economies. Nigeria, like many other countries, has not been spared the impact of the pandemic

“Commendably, however, President Muhammadu Buhari has been carefully steering the country through the pandemic such that the negative impact on us and the economy has not been as harsh as it might have been. The economy’s relapse into recession has ended but we must admit the economy remains weak with too much unemployment and resources left idle”

The APC chieftain also cautioned against wasteful spending amongst government officials, adding that the government must spend money so that the masses will benefit

He said, “Fiscal wisdom but not necessarily austerity is required for an economy like ours in a time like this, to ensure equitable wealth redistribution and meaningful use of resources

“The years have shown that the private sector is much too weak to spur the growth we need. If the private sector could manage this feat, it would have already done so. Where the private sector is too weak or unable, the government must fill the void

“This means government must not be afraid to embark on an active fiscal policy to create jobs, build infrastructure and develop our industrial sector as well as continue to improve agriculture. This means government must spend money but spend it on those things that bring the requisite economic returns for the nation”