Monday 17 October 2016

Utomi to FG: Investment in infrastructure to end recession

Political Economist and Management Analyst, Pat Utomi on Monday called on the Federal Government to invest massively in infrastructural development in order to dig the country out of recession.

He also called on government to make funds available for Micro, Small and Medium Scale Enterprises (MSMEs) and production of raw material to finished goods within the country as a way out of the nation’s current economic challenges.

Prof. Utomi, who gave the advice at the quarterly lecture on monetary policy, competitiveness and development, spoke on the topic “The Role of Monetary Policy in Job Creation,” in Abuja.

The event was organized by Economic and Business Strategies (EBS), co-hosted by Dr. Magnus Kpakol.

He stressed the need to strengthen the nation’s institution, adding that strong institutions and policy stability would in turn strengthen Nigeria’s economy.

Utomi said: “Our institutions are weak. We need to strengthen our institutions as a nation. We deserve strong institutions and not strong men. A good leader also should focus on purpose and not power.

“There is need for a strong political will to end poverty. All around the world, politics is all about how jobs can be created because it is through jobs that people can better their lives. Also, the nation’s monetary policy should have value to create wealth.”

Ms. Campion called for reform in the agricultural sector, saying that Nigerian economy is blessed with series of natural resources and don’t have to suffer in the midst of plenty.

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