Nigeria’s economic recession won’t last —Osinbajo

Vice-President Yemi Osinbajo, on Thursday, allayed the fear of Nigerians over the current economic recession in the country, saying it would not last.

He stated that the Federal Government had already put in place mechanism that would tackle the economic recession, which he said would soon fizzle out, thereby puting an end to financial hardship being faced by the people.

Osinbajo gave this assurance at the convocation ceremony of the Redeemer’s University, Ede, Osun State.

He observed that there was no way the nation could have escaped economic recession, having lost 60 per cent of its revenue in February to the activities of saboteurs in Niger Delta, who he said destroyed oil pipelines and installations.

While also attributing past mistakes of Nigerian leaders to the economic woes, Osinbajo tasked the youths to engage in multitask, with a view to break even against the backdrop of the global economic dynamism.

He stressed the need for universities’ graduates to be diligent, by exploring various international trading platforms to improve their economic status.

In a lecture entitled: “Nation Building and Nigeria’s economic challenges,” a global economic analyst, Mr Dick Kramer, said the country was in recession because it had failed to build a strong private economy over the years and also failed to create an economy based on industries.

He observed that the global economy had been relatively weak in the last 18 years, he contended that Nigeria needs a new longterm economic plan which must entail fostering an effective public-private partnership.

Speaking at the convocation ceremony, former Minister of Defence, General Theophilus Danjuma, called for serious investment in the education system, in view of its impact on socio-economic development of the country.