Ex-Minister suggests ways out of economic recession

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A former Minister of Finance, Dr Kalu Idika Kalu, says Nigeria can resolve its current economic recession challenges if its leadership goes back to the basics in resources management.

Kalu gave the advice in an interview with the News Agency of Nigeria on Tuesday in Lagos.

He further said the country could pull out of the recession by tackling the menace posed by corruption and maintaining its basic industries.

Kalu also called on the leadership to rebuild forestry and agricultural products, solid minerals and diversify the economy from oil and gas.



“We have to go back to the basics. We need to train people who can manage resources; our teachers also need to produce people who can farm efficiently.

“We also need to step up efforts in fighting corruption headlong.

“This is because in the real sense, all the monies generated by our economy seem to be going to the wrong channel and that is huge a corruption,’’ he said.

According to him, there is no magic for the country to comie out of the recession, adding that the problem is not a one stop thing.



Kalu said that Nigerians needed to realise that there were challenges and plans on how to over come them.

“If any nation can overcome its challenges, then Nigeria can.
‘’This is because, we still have what it takes to do that and move on faster.

“Resource constraints should be our least problem, this current recession is more than just a recession.

“This is because we have allowed our basic industries to collapse by not maintaining them.

“The things I am saying now are what I said when I was Minister of Finance in 1985.

“For instance, I started the mass transit programme to build railways from Lagos to Calabar, Lagos to Abuja and down beyond Maiduguri, this would have been completed in the early 90s.’’

The former minister said that opening up of Sambisa area, where Boko Haram sect is operating, would have saved the country of such insurgency.

He said that Nigeria should be energy sufficient and have surplus to sell to its neighbouring countries as it was doing before. (NAN)

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