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Recession: BrickWall Group, notable economists give antidote for businesses

Rising from a one day seminar, tagged, ‘Succeeding in recession’, experts in development economics have conceptualized strategic way out of recession for young entrepreneurs in Nigeria.

The seminar stemming from the viewpoint of entrepreneurship was put together by a not-for-profit organisation, Uche Ahubelem Centre for Human Development, in Lagos.

The convener, Ahubelem is the chief executive officer of BrickWall Group, Nigeria’s leading business development financing and support company, said the programme was organised to develop and mentor the youths in view of the importance of human capital to the nation’s quest to become a global player.

Firing the first shot, leading development economist and founder, Centre for Values in Leadership, Prof Pat Utomi argued that “Our recession is self-inflicted. I am one of the persons that have always insisted that our recession is self-inflicted. We need to re-programme ourselves as a country. God loves us as a country. The recession is, therefore, an opportunity to do a rethinking.”

He noted that “just as the case in many African countries, slow economic growth in Nigeria could be linked to wrong policy choices, inadequate human capital and weak institutions”.

“A recent investment report rated Nigeria as the least place to do business in Africa, wondering how this happened despite the country’s enormous population and entrepreneurs.

To him, a lot wrong steps were taken immediately it was confirmed that the nation is in recession both by the government and business owners in Nigeria.

He therefore advised youths and entrepreneurs, never to allow the economic recession to prevent them from engaging in meaningful ventures that would enhance job creation.

Joining issues with the professor of political economy and, former Presidential candidate, another top economist and former governor of the Central Bank of Nigeria (CBN), Prof Chukwuma Soludo noted that even though there are credible signs that the recession is technically easing, the scare will stay with the economy for a while.

According to him, Nigerians might not be out of the problems created by the recession immediately and advised entrepreneurs and unemployed youths to work harder to overcome the challenges posed by the recession.

He hinted that “Nigeria will be out of recession soon, technically. When you achieve 0.01growth, you are out of recession. But the scars of the recession will remain with us for a while”.

In his seven strategic keys to unlock the doors of opportunities in a recession, Soludo warned participants to always catch-up with the observed continuous disruptions occasioned by technology and growing population, among other factors.

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

In the key position of the Chief Executive Officer of Reality Point Limited, Mr. Debo Adejana; a mind, emotions and behavioural coach, he called on the youths to be hopeful and strive to upgrade whatever business they are doing today to the next level using every new development in the ever changing technology world.

Others  speakers include Mr. Lanre Olusola; the CEO, Advantage Health Africa, Abimbola Adebakin; the CEO, Thistle Praxis Consulting Limited, Ini Abimbola.

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