Expert proffers sustainable economic recovery solution

A renowned economist and Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, has advised the Federal Government to open up the economy to foreign direct investment to get Nigeria out of economic recession and keep it on the path of sustainable economic growth.

Teriba stated this at a breakfast session of the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) with the theme ‘Economic Recovery and Growth Plan: Roadmap to a Sustainable Economy’ held in Lagos yesterday.

The economist who spoke on the theme ‘Nigeria’s Economic Outlook: Getting Out of Recession Cycle’, said, “There is need to open up Nigeria to receive massive foreign investments just like Saudi Arabia and India. This will unlock vast and latent opportunities in the country.”

He also urged the Federal Government to sustain its recent issuance of 1.5 Eurobond and plan to issue a Diaspora bond.

Teriba advised the Central Bank of Nigeria (CBN) to compliment the Federal Government’s effort by issuing Eurobond to ensure stability in the foreign exchange market.

He emphasised that government should learn how to manage cyclical shocks such as the remarkable drop in oil earnings which led to the devaluation of the naira in 2016, high level of inflation as well as increase in interest rate.