RECESSION MIGHT CONTINUE TILL 2020

Prominent lawyer » , Dr Olisa Agbakoba
has said that Nigeria might be in recession
till 2020 if the Federal Government doesn’t
take urgent steps to resolve the situation.
Agbakoba also urged the FG to take hold of the
banking sector and exert more regulatory
control.
The lawyer made the comments while speaking
to journalists in Lagos on Tuesday, September 6,
2016.
“We must spend our way out of recession.
When you go to the hospital and the doctor
says you’re anaemic, only one thing is done
– transfusion. So, how can the government
present an austerity programme?” he said.
“The government must be clear as to what
policy it wants to pursue. There is only one
way out of recession and it is massive
bouncing. You have to bounce the economy.
Niger Delta is crying for money, South-East
is crying for money, we all know that South-
West is crying for money, so, you have
public works to spend money on.
“You will be surprised if there’s a situation
where Julius Berger and co are given
contracts to build roads and you say for
every contract, you must have 10 per cent
labourers, you will find that the economy will
slowly revive.
“But unfortunately, I am not seeing those
things and if it doesn’t happen, we will be
looking at a very long term, because a
recession cycle is three years, but great
economics, like the former Minister of
Greece, can make it; we can recover by Q2
2017 but that requires applying the best
possible method,” Agbakoba added.