A professor of political economy, Pat Utomi, on Wednesday, said weak institutions had posed a significant drag on the nation’s economic growth stressing the need to fast track the diversification programme.

 Former Governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo also described recession as cyclical, urging Nigerians to prepare for the next recession that will hit the country in the nearest future.

The experts, who spoke at the Uche Ahubelem Centre for Human Development event in Lagos, on the theme: ‘Recession: Succeeding in Recession’ has described recession as self inflicting. Noting that weak institutions and inappropriate policy choices was posing enormous threat to the implementations, a situation which he said had seen the country move ‘two steps forward and four steps backwards’.

“There is need to strengthen the institution and accelerate the diversification of the nation’s economic base,” he added.

According to them, strong institutions in Nigeria would help mitigate uncertainties, set boundaries, fast track developmental programmes and prepare the nation for the next recession, which they said is imminent.

 Utomi further stressed on the need to boost human capital development in Nigeria, adding that it is critical for economic growth.

In his remarks, Soludo maintained that Nigerians might not be out of the problems created by the recession immediately.

 He therefore advise entrepreneurs and unemployed youths, individuals to adopt measures and strategies that would help them to overcome the effects of the recession.

“Nigeria will be out of recession soon, technically; when you achieve 0.01 growths, you are out of recession. But the scars of the recession will remain with us for a while,” Soludo said.

He  noted that Oil is gradually becoming history and In the next couple of decades, changing technology and growing population will change the business and economic landscape.”

THE GUARDIAN