By Yinka Kolawole
- D Ayo Teriba, Chief Execu-tive Officer of Economic Associates, has advised the Federal Government to open up the economy to foreign direct investment in a bid to get Nigeria out of economic recession and keep it on the path of sustainable economic growth. He stated this at a breakfast session of the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.
Teriba who spoke on the topic, ‘Nigeria’s economic outlook: Getting out of recession cycle’, stated: “There is need to open up Nigeria to receive massive foreign investments just like Saudi Arabia and India. This will unlock vast and latent opportunities in the country.” He also urged the federal government to sustain its recent issuance of Eurobond and plan to issue a Diaspora bond. He further advised the Central Bank of Nigeria (CBN) to compliment the government’s effort by issuing Eurobond to ensure stability in the foreign exchange market.
In her welcome address, Mrs. Mojisola Bakare, Chairperson of the group and General Manager, Corporate Banking, Sterling Banking, said the group was keen on the resolution of issues affecting Nigeria’s economic development. Bakare said there was no doubt that the economy is in the recovery mode with inflation rate coming down from 18.45 percent last February to 16.25 percent in June.
According to her, the capital market is also on the upward swing though at a slow pace coupled with renewed effort of the Federal Government on the ease of doing business. “Generally, the other economic indices are pointing towards our exit from recession by September 2017 as predicted by the World Bank,” she added.