Economy
A Professor of Economics, Evans Osabuohien, has advised the Federal Government to intensify efforts at enhancing the productive sector in order to raise the nation’s Gross Domestic Product (GDP).
Osabuohien, a former Head of Economics Department, Covenant University, gave the advice on Tuesday in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.
He spoke while reacting to the National Bureau of Statistics’s (NBS) statement on Monday that the nation’s GDP contracted to -6.1 in the second quarter.
According to him, the decline in the GDP was largely the result of the five months lockdown due to the COVID-19 pandemic.
The don stressed the need for the Federal Government to enhance the country’s production by improving power supply to enable the real sector and others to produce at a cheaper rate.
“This would boost productivity and generate more employment opportunities for the teeming youths.
“In addition, this would help the country to export some of the goods to other countries that would generate more revenue as well as meeting local demands.
“The role of adequate power supply cannot be overemphasized, because it makes people produce at an optimal cheaper rate,” he said.
He also urged the Federal Government to redouble efforts in tackling the security challenges in the Northern part of the country “because some of the farmers could no longer go to their farms and this would have adverse effects on the economy’’.
Osabuohien advised the government to seriously work on Short and Medium Term planning, to achieve sustainable development and inclusive growth in the country.
He also stressed the need for the government to support the informal sector which was the most affected during the COVID-19 pandemic. (NAN)
– Aug. 25, 2020 @ 11:55 GMT |
Tags: Economist urges FG to intensify efforts in enhancing nation’s productivity
