Recession: Nigeria needs an inclusive economic summit - Wole Soyinka


Monday, January 3, 2017 8.20 am / Proshare WebTV  

Nigerian needs an inclusive and comprehensive economic summit, to address the current recession in the country. Nobel Laureate Prof Wole Soyinka,  asserted this while fielding questions from journalists on the state of the economy. 

Professor Soyinka said the Nigerian economy was in serious trouble with dire socio-economic implications, believing it was time for all stakeholders to converge and chart the way forward for the economy. 

Speaking further the Nobel Prize winner in Literature noted that the summit should have representatives covering the consumers, cottage industry owners, policy makers, farmers, analysts, bankers and all the key players in the economic value chain. 

He was of the strong view that Nigeria must move from economic summits, that present data and figures on the economy, to pragmatic steps to addressing the critical issues in the nation. 

Giving his opinion on the economic crisis in the country, the renowned scholar stressed the need for the Churches, Mosques and Corporate organizations, to provide a “relief feeding” measure for hungry Nigerians. 

According to him “Apart from the Internally Displaced Persons(IDPs), there are Under Displaced Persons (UDPs) in the country who need urgent attention”. 

Nigeria is experiencing its first recession in 2 decades, with three consecutive negative GDP quarter growth (Q1 -0.36%, -2.06% and Q3 -2.26%) 

Apart from the recession Nigeria is experiencing a stagflation, with an all-time high inflation rate of 18.4% and unemployment rate of 13.9%. 

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