Act now to avert economic recession, analysts urge FG

Posted by News Express | 1 October 2015 | 2,230 times

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Some policy analysts on Wednesday urged the Federal Government to generate more tax revenues from the informal sector to avert possible economic recession.

The analysts told the News Agency of Nigeria (NAN) in Lagos that the informal sector in Nigeria was under-taxed.

They said that development of local capacity was also part of the solution to rebound the nation’s economy.

The proprietor of a youth empowerment enterprise, Mr. Adewale Olatunji, said that economic depression at this point in time in Nigeria would increase stress and hypertension.

“The emphasis on tackling public space corruption is germane. Our anti-corruption drive must be participatory such that it accommodates the input of all the stakeholders,” he said.

The Director, Bee Research Development, Mr. Bidemi Ojeleye, said that effective enforcement of quality controls was necessary to grow the economy.

He said Nigeria had the capacity to produce quality goods for export, but that it must first deal with the problem of poor execution of its policies.

His words: “Our farm products possess the competitive edge to overtake many countries’ produce.”

The Executive Secretary, Nigeria-South Africa Chamber of Commerce, Mr. Iyke Ejimofor, said that improvements in the service sector would raise the nation’s earnings.

“The service sector alone has the capacity to boost marginal growth in our GDP.”

NAN reported that the Central Bank of Nigeria (CBN) recently said in Abuja that Nigeria risked sliding into recession next year. (NAN)

•Photo shows President Buhari.

Source: News Express

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