A Lagos-based financial expert, Mr Bismarck Rewane, on Friday has revealed that Nigeria would get out of recession by 2018 with the right economic policies.
Rewane, also the Chief Executive Officer, Financial Derivatives Ltd., said this at the 2016 Independent Shareholders Association of Nigeria (ISAN) Triennial Delegates Conference/Gala Night in Lagos.
The financial expert said that the Federal Government must embrace the best economic policies urgently to address the recession.
“It will take a minimum of 18 months for Nigeria to get out of recession, and signs of recovery will start showing in 2017 with the best policies.”
“Nigeria will start showing symptoms of wellness in 2017 and by 2018, Nigeria will be well again,” Rewane said.
According to him, there is a sense of urgency, honesty and desperation in addressing the country’s economic challenges.
The financial expert said: “If we fail this time as a country, everybody fails.”
He said that government must raise funds from multinational agencies, reduce interest rate and debt servicing to achieve the desired growth.
Rewane called for an expansion in credit supply and reduction of the Cash Reverse Requirement (CRR) for banks to lend to the real sector.
The financial expert insisted that redundant assets could be concessioned to bring the country out of recession.
Rewane said that public schools, hospitals and public hospitals needed to be more efficient and effective to reduce pressure on foreign exchange.
Rewane attributed the nation’s economic challenges to “policy disalignment”, external imbalances and internal imbalances that led to low productivity.
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