Analysts have on Friday advised the president on the issue of tackling recession a the finance minister, Kemi Adeosun, had earlier announced that the nation’s economy is headed for recession.
Speaking on the current state of the economy, analysts urged the President to chief the cause for the restructuring of the nation’s economy.
Speaking to news agency, Punch, a Lagos-based lawyer and human rights activist, Ebunoluwa Adegboruwa, said Nigeria is faced with a far greater problem than its economy. He added that the country’s problems stems from its roots and foundation of existence.
“I believe that we should restructure peacefully and upon terms agreeable to all the constituent units of the lopsided federation called Nigeria.
“The 1999 Constitution, which was enacted against the will of the people, should be dismantled and power and resources should be given back to the regions where they belong and are located.
“This style of dolling out bailouts to states and local governments from Abuja cannot continue.”
Also addressing the economic situation of the country, the Head, Banking and Finance Department, Nasarawa State University, Keffi, Uche Uwaleke; a former Managing Director of Unity Bank Plc, Mr. Rislanudeen Muhammed; and a former Managing Director, Nigeria Deposit Insurance Corporation, Mr. Ganiyu Ogunleye, said restructuring would help address the socio-economic challenges facing the country.
Uwaleke while airing his opinion said: “Restructuring is the panacea for many of the socio-economic challenges facing the country. This much came to the fore in the last constitution conference put together by the previous administration.
“The seemingly endless crises in the Niger Delta region will substantially abate if the country is restructured in a way that allows greater control of resources by the federating units.”
He further noted that “Nigeria has huge economic potential outside the oil sector which is largely untapped due to the so called Dutch Disease that has for years made us lazy and always relying on mono product commodity called oil as the source of income, notwithstanding the fact that oil constitutes only 10 per cent of our Gross Domestic product.
“Economic restructuring will make all the states compete for development and uplifting the lives of their people. There is potential for growth in non oil export in most states and virtually all the states have one form of economic competitive advantage or the other.
“The states do not have to grow at same pace but hard work will make all the difference. For example, virtually the whole of Zamfara State is sitting on gold and diamond, largely untapped with little going to illegal miners.”