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Right economic policies can exit Nigeria form recession by 2018–Rewane

Lagos financial expert, and stock market consultant, Bismarck Rewane, has taken the possible time of exit from recession to next two years, 2018 instead of 2017 as touted by the government.

The Chief Executive Officer, Financial Derivatives Ltd., said this at the 2016 Independent Shareholders Association of Nigeria Triennial Delegates Conference/Gala Night in Lagos, maintaining that the Federal Government must embrace the best economic policies urgently to addressing the recession.

By his data, “It will take a minimum of 18 months for Nigeria to get out of recession, and signs of recovery will start showing in 2017 with the best policies.

“Nigeria will start showing symptoms of wellness in 2017 and by 2018, Nigeria will be well again.”

He said that there is sense of urgency, honesty and desperation in addressing the country’s economic challenges, noting that “If we fail this time as a country, everybody fails.”

Key policies that can drive Nigeria’s way out of recession include raising funds from multinational agencies; reduce interest rate and debt servicing to achieve the desired growth.

Others include expansion in credit supply and reduction of the cash reserve requirement for banks to lend to the real sector, insisting that redundant assets could be concessioned to bring the country out of recession.

Rewane said that public schools, hospitals and public hospitals needed to be more efficient and effective to reduce pressure on foreign exchange, arguing that the nation’s economic challenges to “policy misalignment,” external imbalances and internal imbalances that led to low productivity.