MISAPPROPRIATION OF RESOURCES RESPONSIBLE FOR ECONOMIC RECESSION-EBI

A former Deputy-Governor of the Central Bank of Nigeria, Mr. Ernest Ebi has said policy failure, misappropriation of resources among several others are responsible for the economic recession that gripped Nigeria.

Mr. Ebi made this known had during a convocation lecture at the Redeemers University, Ede in Osun state.

According to him, “the factors that triggered the economic recession in Nigeria were more of structural than monetary or fiscal with its root in the neglect of the agricultural sector.

“What the country needs at this time to sustain its exit, is transformation of the economy that will address the structural economic imbalance, improve on institutional framework, ease of doing business, infrastructure, and strong private sector”

The former Apex bank boss turned Fidelity Bank Chairman added, “With the announcement of Nigeria’s exit from recession, it calls for cautious optimism but the focus should be placed on jobs’ creation and growing the economy from the bottom of the pyramid to avert the ticking time bomb of youth restiveness and unemployment.”

This, according to him, will “ensure inclusive economic growth that works for everybody, bridge the inequality gap, provide the enabling regulatory environment for the private sector to thrive and help drive the economy.”
Mr. Ebi also urged the Federal Government to domicile money recovered in the ongoing anti-graft war in a special account and use them to fund infrastructural development in the country, according to a statement made available to Channels Television on Thursday.

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