Past Economic Recession In Nigeria Didn’t Last This Long – Aregbesola Laments

BEVERLY HILLS, October 24, (THEWILL) – The Osun state Governor, Ogbeni Rauf Aregbesola, has noted that the fall in the price of crude oil in the international market had always been the cause of the recession that hit the country at different periods, but attributed the severity of the current economic recession to the lack of foresight and planning on the part of government.

Speaking at The Point Newspaper's public presentation and first annual conference on economic regeneration at the weekend, he pointed out that the difference between the past recession and the current one was that the previous ones never lasted this long.

Aregbesola observed that the theme of the annual lecture series, “What is the Economics of Change?” was “a play on word that indirectly put to task the campaign mantra of the ruling All Progressives Congress, APC, which promised Nigerians a change for the better during last year's election campaign.”

He said: “The fundamental problem is that we can no longer fund our imports because our foreign earnings have progressively declined while our taste for and dependence on foreign goods have continued to increase. This is what put pressure on the Naira, makes imported goods to become very expensive and put the economy in a tailspin.”

Story by Ugonnabo Ngwu