Atiku speaks on how to save Nigeria from economic recession

Former Vice President Atiku Abubakar has called for diversification of the economy to save the nation from recession.

He identified agriculture as the primary sector for development because it is a low hanging fruit and key to ensuring food subsistence.

He also advised that Nigeria should begin to invest in its resources wisely to maximize dividends, adding that the reliance on crude oil is failing Nigeria.

On his official twitter handle on Thursday, he wrote on a report titled: ‘How to pull Nigeria from the brink,” Atiku said: “As of today, Nigeria is pricing its very low sulphur sweet crude at $10 per barrel, yet buyers are balking. Our sweet oil is becoming a little bitter.

“The era of oil is gone, and we must face the fact that reliance on crude oil is failing Nigeria and other mono-product economies, crude oil exporters.

“We need to diversify our economy, it’s easier said than done but that does not mean it is an impossible task.

“In Nigeria, our diversification should embrace agriculture as the primary sector earmarked for development because agriculture is a low hanging fruit, is key to ensuring food subsistence, and with the recent signing of the African Continental Free Trade Area agreement (AFCTA), which favors Nigeria’s economy greatly.

“With about 60 percent of its land assessed as arable, I genuinely believe that Nigeria is capable of becoming the food basket of the rest of Africa, and the money should be circulating within Africa, strengthening our currencies, growing our GDPs, and enriching our people.

“Now is the time for Nigeria to make those hard decisions it has postponed for far too long. Otherwise, the alternative is an apocalyptic scenario we would rather not entertain.

“We must, as a nation, begin to invest our resources wisely to maximize dividends.

“We must cut our coat, not according to our size, but according to our cloth.

“Our Presidential Air Fleet of almost ten planes should go. Our large budgets for our legislature must go.

“The planned $100 million renovations of our Parliament must be canceled. We cannot be funding non-necessities with debt and not expect our economy to collapse.

“Our civil servants must realise that Nigeria cannot sustain its size and profligacy.

“The same cost-saving measures must be adopted by the states and councils governments.”