Nigeria’s former president, Olusegun Obasanjo has revealed the only thing Nigeria has to do to end the ongoing recession in the country.
Obasanjo who made the suggestion on Monday, October 24th, 2015 during the opening of the on going 8th National Council on Industry, Trade and Investment holding in Abeokuta, the Ogun State capital, said the government needs to put into consideration the establishment of a commodity exchange to ensure stability in the prices of agricultural produce to help drive an increase in the volume of trade internally and externally in order to put to an end the ongoing recession in the land.
According Punch, the former president also called for a revitalization of the coastal shipping system to boost trans-African trade with other countries on the continent from the current 12 per cent to about 22 per cent.
Also speaking at the event, Vice President Yemi Osinbajo reassured Nigerians that the recession would soon end as he urge the citizens never to relent on the efforts to supporting this administration.
Osibanjo further blamed the economic melt down on the loss of about 60 per cent of oil revenue, and expressed optimism that despite the drop in electricity generation to less than 3,000 megawatts, Nigeria could still meet the 7,000MW target by 2017.
“The President Muhammadu Buhari-led Federal Government is equally working on increasing gas supplies to enable the Federal Government increase power supply throughout the country towards improving the energy needs of the country,” the vice president stated.
According to him, in an attempt by Buhari’s administration to curtail fuel problem in the country, a privately-owned refinery has been encouraged to refine about 650,000 barrels of crude oil per day.
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