Given the recent uncertainty as to whether Nigeria’s economy is fully in a recession or just “technically” in recession, the Institute of Strategic Management, ISMN, of Nigeria has said economic recession is good for the development and the expansion of the country’s economy.
The institute has described the recession as a natural consequence, saying its good and necessary to make the country to exploit other capacities inherent in the economy.
ISMN’s 1st Vice-President, Mr. Gbenga Oluniyi, disclosed this at a press conference in Abuja on Wednesday to announce its 2016 Conference and Annual General Meeting to be presided over by Vice-President Yemi Osinbajo.
Oluniyi said what is happening now is a natural consequence where you just have to find a way. The current government technically admitted that we are in a recession. To be in an economic recession is not completely a bad thing; it drives you to think out of the box.
He adds that the institute is happy with what is happening now because the country has really not been thinking but been lazy. The Raw Materials Research and Development Council had carried out studies that in every state of Nigeria, you can find minerals that can be explored and exploited on commercial basis.
“This is not being done by the government. We are beginning to see the government look inward now. Absolute reliance on one product to sustain the Federal Government, the 36 states and 774 Local Government Areas is not sustainable.
One, we are not in control of the price of crude oil. Two, we are not adding value to the crude. So, crude oil has become more or less a curse rather than a blessing. So, we believe that this is a temporary situation and the states are beginning to rise up to the challenge.”
Given the current financial difficulties experienced by 27 states out of the 36 states of the federation, Oluniyi says Nigerians should be sincerely curious to know what the other nine states have done differently to keep above troubled waters.