The Nigerian Institute of Social and Economic Research (NISER), Ibadan, has called on the Federal Government to scale up job creation efforts to reduce the effect of unemployed dependants on household expenditure.
Dr Oluwakemi Okuwa, Associate Research Professor, NISER, made the call in Ibadan on Tuesday at the April Research Seminar of the institution.
Okuwa was speaking on the topic: “Economic Recession and Household Consumption Pattern in Nigeria’’.
According to her, the real income of workers in both the government and private sectors should be reviewed in order to increase their purchasing power.
“There should be regular payment of salaries of workers and pensioners. Also, single digit inflation and stable exchange rate will help cushion the effect of recession.
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“There is also the need to be checking rising population to reduce household size; a society at subsistence level spends proportionately more on food.
“Since income is a major determinant of household consumption pattern, then changes in economic conditions, such as recession, are likely to alter the consumption patterns of households,” she said.
Okuwa also urged the government to guide against economic recession by encouraging local crop, food production, and agricultural value chain.
She called for increased food production through improved seedlings, inputs and security in the country.
The researcher suggested shared growth strategy through investment in education, health, and social welfare schemes.
The occasion’s Chairperson, Prof. Olanrewaju Olaniyan, who is the Director, Centre for Sustainable Development, University of Ibadan, urged stakeholders and institutes such as NISER to continue to engage in policies for the best of the country.
“The household is important because it constitutes the largest proportion of the economy and what makes a country grow is the level of investment made in it,’’ Olaniyan said.