The Nigerian government should develop a “clear” economic recovery plan capable of taking Nigeria out of recession, the Ooni of Ife, Adeyeye Ogunwusi Ojaja II, has said.
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The traditional ruler said the federal government should “urgently unveil recovery plans and policies capable of alleviating the suffering inflicted on the citizens by the current economic crisis that has bedeviled the country”.
He said these through a statement issued by Moses Olafare, his Director of Media and Public Affairs, under the title ‘Ooni charges FG on economic recovery plan as he rejoices with Christians, says COVID-19 second wave real’.
In his Christmas/New Year message, the ruler charged the Federal Government to aggressively pursue youth emancipation programmes.
“We started this year 2020 with a lot of hopes and aspirations, particularly on the country getting it right economically towards the prosperity of the entire citizenry, but unfortunately the COVID-19 pandemic crept in, sinking the economy in another recession. It has happened this way, and the only way out is for the government to take responsibility,” he said.
“Government policies must be executed in a way that standard of living of the citizens, particularly the youths is upgraded which will, in turn, reduce the crime rate in the country.”
He described the current economic reality in the country as disheartening, warning that a clear economic policy is needed to revive the country.
Nigeria formally in November entered into its recession in four years after its Gross Domestic Product report for Q3 of 2020, fell by 3.62 percent. In the Q2, the GDP had fallen by 6.10 per cent, down from a growth of 1.87 per cent in Q1.
Currently, Nigeria is faced with a situation described by economists as stagflation, which is the concurrence of a falling output of goods and services, and a rising inflation rate.
The annual inflation rate rose for the 15the consecutive month to 14.89% in November of 2020, from 14.23% in October.
The National Bureau of Statistics said this was the highest inflation rate since January of 2018.
The increase was driven largely by rising food inflation, NBS explained.
