Prof. Mike Obadan, an Economist has urged the Federal Government to intensify the implementation of its various intervention measures to get the economy out of recession.
Obadan, a Non-Executive Director of the CBN, made the suggestion when he spoke with the News Agency of Nigeria (NAN) in Benin on Friday.
He said there were strong indications that the economy would get out of recession this quarter or by the first quarter of 2021, if the government intensified its economic recovery strategies.
“The Federal Government’s response to boost economic growth is through the implementation of the N2.3 trillion Economic Sustainability Plan (ESP).
“The ESP has many projects aimed at stimulating economic growth in the various sectors of the economy.
“When government spending as earmarked in the ESP, most economic activities will be revived.
“Also, the government needs to intensify the implementation of the various fiscal and monetary measures that resulted in improved economic growth in the third quarter of 2020 when compared to the second quarter of the year.
“About 13 sectors of the economy out of 46 sectors only had positive growth rates in the 2nd quarter of the year, while all the other sectors experienced contractions.
“In the third quarter of the year, however, 18 sectors of the economy recorded positive growth rates and the 33 sectors which experienced contractions in the second quarter of the year recorded less contractions in the third quarter.
“This means that there is a significant improvement in the activities of the sectors that recorded negative growth rates; it means that production improved and workers are being employed.
“If activities continue to grow at the pace with which they were implemented, definitely by December or by the end of the first quarter of 2021, most economic activities are likely to be growing in the positive zone,’’ he said.
He added that government should continue to encourage citizens to adhere to the COVID-19 protocol to prevent a second lockdown, which he noted would be disastrous to the economy. (NAN)