The Group Managing Director of Energy Group and Publisher of the National Mirror Newspapers, Dr. Jimoh Ibrahim, has advised the Federal Government to urgently set up a

National Commission for Recession Management (NCRM) at the Federal, State and Local Government levels.

This is important if Nigeria wants to come out of economic recession, the business mogul said.

Ibrahim said this economic strategy will allow the government to focus on three important things, which are: managing recession, getting out of recession and management of post-recession period.

Bar. Jimoh Ibrahim
Bar. Jimoh Ibrahim

Ibrahim said mixing the three things will create a major problem for the Federal Government.

He advised that the commission, when established, will have the responsibility to advise government on the strategy of engagement.

According to Ibrahim, economic recession key performance indicator shows all year negative in the balance of trade and Nigeria’s current account to GDP, saying others include negative trend in direct foreign investment and production of crude oil.

Ibrahim said one of the most important viruses in the key performance indicators if resolved urgently, “can easily change the fortune of Nigeria; this is the production of crude oil at whatever price. The key issue is how to maintain our daily allocation at 2.5 million barrel.”

Ibrahim promised to write a letter to President Muhammadu Buhari to discuss what strategy to employ to ensure that the international market is maintained.

He advised government to commend the Minister of Finance, saying Nigeria is lucky to have her at this time.

Ibrahim said one of the qualities of the Minister of Finance that will manage Nigeria out of recession is calmness, as recession itself is economic war.

While commending the Minister of Finance for looking at the solution from China and Japan, Ibrahim stated that those two countries have over five trillion dollars in the United States of America’s bond, expressing hope that President Buhari will navigate the economic crisis.

Source: National Mirror