How to get Nigeria out of economic crisis – Soludo

Former governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo says the government needs to implement a coalition of economic policies that can deal with desperate socio-economic issues for the country recover economically

Soludo says Nigeria at the moment is dealing with political, economic and social shocks

Calls for communication strategy that effectively communicates change in a forward looking and inspiring manner for the citizenry

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Soludo has called for the the restructuring of the Nigerian economy.

Former governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo, has recommended the

restructuring of the Nigerian economy from consumption driven to production based for the country to get out of the its present challenges.

Soludo who gave the recommendations in his lecture at the progressive governors forum 4th‎ progressive governance lecture series, said the government needs to implement a coalition of economic policies that can deal with desperate socio-economic issues in a systematic and sustainable manner.

According to The Nation, in his lecture titled: “Building the Economy of States: Challenges of Developing Inclusively Sustainable Growth, the former CBN boss Nigeria at the moment is dealing with political, economic and social shocks.

He noted that the country needs to break the dynasties of poverty and maximize the comparative and competitive ‎advantages for the growth in Nigeria and states to be inclusive.

He said no state can develop sustainably if the overall governance and economy are in crisis, adding that Nigeria economy in terms of dollar has collapsed by about 50 percent.

He said: “Nigeria is facing unprecedented and tremendous political and economical challenges with global and local dynamics. Regardless of these challenges, opportunities and possibilities abound if we address some fundamental issues. The key to achieving this is to have a development plan that is anchored on realizing inclusive and sustainable growth.

“Inclusive and Sustainable growth cannot be achieved without conscious efforts to deconstruct the dynasties of poverty and maximize  states and Nigeria’s comparative and competitive advantage.

“Nigeria is not secured and made politically sustainable especially through the de-strangulation of the hold of the federal government over states.”

‎Encouraging fiscal federalism in ways that allow states to have greater control of their resources, evolution of a master plan for mass export oriented industrialization that answers the economic questions and realities of today.

“APC developing over-arching vision of Nigeria without Oil and‎ there should be a coalition of economic policies that can deals with disparate socio-economic issues in a systematic and sustainable manner.

“APC States must develop a peer review mechanism to track, measure and share knowledge and experience in order to achieve shared values that will distinguish APC states from non APC states.

“There is need for communication strategy that effectively communicates change in a forward looking and inspiring manner for the citizenry. This is important for building consensus for development, and‎ there should be a coordinating mechanism for developing the 2017 budget.”

Meanwhile, Reno Omokri, the former special assistant on new media to ex-president Goodluck jonathan has said that former president Goodluck Jonathan handed over the best Nigerian government, and the largest economy in Africa to President Muhammadu Buhari.

Omokri, an ordained pastor, in a series on Tweets on Wednesday, August 24, stated how the former president took over and handed the best government to the present administration.