Fiscal Crisis: Ambode Proposes Strategies for National Recovery

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· Canvasses inter-state collaboration

Gboyega Akinsanmi

Lagos State Governor, Mr. Akinwunmi Ambode at the weekend proposed four key strategies to reverse the prevailing economic challenges currently confronting Nigeria.

He said that for Nigeria’s economy to improve substantially, its leaders at the national and state levels should have the courage to take difficult and tough decisions.

He gave the proposal at a forum in Lagos, lamenting that the previous governments at the federal level had failed “to take advantage of the oil boom to grow other sectors of the economy.”

At the forum, Ambode said the country’s economy was at a critical threshold and thus, will require its leaders to think outside the box and come up with creative innovations that will trigger economic growth nationwide.

He said the fall in price in the international oil market coupled with many years of corruption “has made the economy vulnerable. We wasted the golden opportunity to deploy the trillions of dollars earned from our oil exports to develop the critical sectors of the economy.”

But the governor noted that all was not lost yet, thereby the need to expand inter-state relations; strengthen regional competitiveness by maximising economies of scale; optimise regional assets and endowments as well as mitigate afflictions and natural disasters.

More to follow