Pat Utomi
Popular
public commentator and professor of political economy, Pat Utomi has
advised the Federal Government on how to sustain the local economy as it
moves out of recession.
With statistics showing that Nigeria is now out of recession,
political economist, Professor Pat Utomi has stated that the country now
has the leeway to grow its economy more dynamically by especially
working with the private sector to engender economic growth.
While the nation revels in being relieved of the perception of
being in recession, Utomi said government should also focus on creation
of jobs vis a vis the growing population and implement policies that
improve the quality of life of Nigerians.
Speaking with Nigerian Tribune, on Tuesday, Utomi said what was
imperative that government manages the economy with implementation of
right economic and welfaristic policies.
“It is a good thing that you don’t have the perception thing of
being in a recession. The most important problems are that of job
creation, and how do we take advantage of the fact that there is not the
burden or perception of being in a recession to then begin to look at
how to grow the economy more dynamically. The government can work with
the private sector to spur growth.”
“There are those who are concerned about the welfare of human
beings who will focus on how does this translate into the quality of
life that people live. There are people who do not like to make much
than it deserves about statistical averages but ask whether this puts
more food on the people and whether their life has changed for better.
You can frustrate people who think that escaping a technical,
statistical benchmark means everything is well.”
“Clearly, I am encouraged by the new implementation teams put
together by the government. We have a group of smarter, younger, senior
special assistants to the president that have been appointed to look at
implementation of policies. This is more important than whether metrics
have moved in one way or the other.”
On how long we would be out of recession, Utomi said, “This
depends on how you manage on the economy. Business cycles exist and
these things are cyclical. You grow and you reach a point of diminishing
returns and come down.”
“If you bare the fact that Nigeria has not been in a technical
recession for about 30 years until this one. You would feel that whereas
the cycle could be a little shorter, any circumstances can keep you out
of recession for a long time. I dont think there is a model of the
Nigerian economy that I am familiar with that gives us a sense of when
next Nigeria will slip into a recession.”
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