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STATE OF THE NATION: NIGERIA'S CURRENT RECESSION IS SELF-INFLICTED. ........Prof. Charles Soludo.


Erudite scholar, economist and former henchman of the Central Bank of Nigeria, CBN, prof. Charles Soludo has ones again blamed the federal government for the current economic woes in the country saying it was self-inflicted.

Prof. Soludo, while delivering a keynote address at the Delta State Economic & Investment Summit in Asaba, the state capital hinted that the prevailing recesssion that has placed the nation's economy on a free fall was avoidable if the federal government had assembled a strong economic team and looked beyond Oil as source of revenue. 

Prof. Soludo described the country as a nation at war with itself given the almost endless insecurity and agitation challenges that has continued unabated to hinder prospective investors from coming to invest in Nigeria. According to him, nowhere in the world can you have a competitive economy in an atmosphere of chaos. Terrorism, kidnapping, destruction of Oil facilities and other social vices can only retard a country's economy and place it on a free fall as we presently have today, he said.

The former CBN boss, however, said though we cannot deny the reality that there's a depression in the level of price of services and commodities due to Oil price collapse, we must face the challenges head-on and see it as an opportunity to urgently diversify our economy. This he said can only be done by going back to the Agro-industrial era when Oil wasn't the in-thing.

In his words " We must move to the post-oil economy NOW if we must swim out of this pool of economic doldrum because in the next 25 years, this Oil that has turned into a curse to us as a nation will not be the in-thing to determine our GDP, income per head, price level index nor cost of living and the earlier we device other means of generating revenues for ourselves outside Oil and gas, the better it will be for us as a people ". He lamented that unfortunately, as it stands now, the depressed level of price of commodities will be with us for a period of time.


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