The Chairman, Fidelity Bank Plc, Ernest C. Ebi, on Wednesday disclosed that a fundamental transformation of the economy that will address the structural economic imbalance, improve on institutional framework, ease of doing business, infrastructure, and strong private sector participation are needed if Nigeria will sustain her exit from recession.
Ebi, an expert in the Nigerian financial services industry, made this known while speaking on the topic: “Negotiating The Recession Challenges: Options for the Structurally Unbalanced Nigerian Economy,” at a convocation lecture of the Redeemer’s University, Ede, Osun State.
He urged all tiers of government in the country to create employment for jobless youths in order to address restiveness that may drag the nation towards anarchy.
The financial expert also called on relevant agencies to deliver their mandates, saying, “It is important that the renewed focus should be on creating jobs on a massive scale and growing the economy from the bottom of the pyramid to avert the ticking time bomb of youth restiveness and unemployment.
” This will ensure inclusive economic growth that works for everybody, bridge the inequality gap, provide the enabling regulatory environment for the private sector to thrive and help prioritise the main drivers of the economy.
“I advise governments to engage in micro and small scale entrepreneur programme for the youth and women. There is need for local production, agric production and export, infrastructure and improved business environment. With all this, I believe that the nation will be able to sustain its exit from recession.”
To the graduating students, Ebi asked them not to rely on the hope for white collar jobs, but be productive.
He said graduates should use the skills acquired and competences to be productive.
Ebi further revealed that Nigeria’s dependency on imported goods had made the nation’s economy vulnerable, stressing that a major cause of Nigeria’s recession was pervasive corruption perpetrated under several administrations.
