Consolidate recession exit, invest in real sector, Expert urges FG

An Economist, Dr Uju Ogubunka, has urged the Federal Government to invest more in the real sector, in order to grow GDP and consolidate on recession exit.

Ogubunka, who is a former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), made the assertion in an interview with our reporter in Lagos on Wednesday.

It was reported that the GDP growth returned to positive territory in Q4 ’20 with modest growth of 0.11 per cent.

In the quarter compares with contraction of -3.62 per cent the previous quarter and 2.55 per cent in the year-earlier period.

According to him, supporting the real sector growth is more imperative, particularly now that the GDP has grown modestly.

He added the Federal Government should sustain the disbursement of the capital vote of the 2021 budget, as at when due, to reposition the economy.

“Releasing capital expenditure in good time, to areas of infrastructure could grow the GDP, especially now that oil price has surged.

“Reconstructing more critical infrastructural development is one of the investment that will underscore economic growth,” he said.

He noted the Federal Government should expedite the moves to get the COVI-19 vaccines into the country, in order for the economy to return to normalcy.

“The quick delivery of the vaccines is key, because it will strengthen our resolve to move on, despite its existence.

“Then the pandemic can be effectively managed and all aspect of the economy can grow again,” he said.