Nigeria overcoming recession – Popoola

By Abdulrahman Zakariyau


The Managing Director and Chief Executive of CRC Credit Bureau, Alhaji Ahmed Babatunde Popoola, has applauded the federal government for overcoming recession. He, however, urged the economic team to set the pace for a robust and sustainable economic growth if the country will remain atop as the number one economy in Africa.

Popoola, while delivering a public lecture entitled, “Post-Recession Management of the Nigerian Economy: The Islamic Antidote,” to mark Nigeria’s 57th Independence held recently at the Conference Hall of the National Mosque, Abuja said Nigeria has demonstrated character in line with change the All Progressives Congress (APC) mantra.

He explained that at the 2nd quarter of 2017, the country had a fragile Gross Domestic Product (GDP) growth of 0.55 per cent. As such, he said, it was time to go back to address the building blocks of sustainable, inclusive and rapid economic growth and development.

According to him, “We need to get people out of poverty, we need to get people to work again by creating jobs, we need to increase and improve productivity, there is need to mitigate foreign exchange shortfalls and stabilise foreign exchange. We need to also provide the required infrastructure and close the gap in infrastructural deficiencies.”

Popoola also made it known that the government’s Post Economic Recovery Plan (PERG) was a welcome development, noting: “The plan’s broad objectives are to restore growth, to invest in people and build a globally competitive economy. However, the achievement of its vision and objectives will depend on the political weight to pursue its implementation.”

He added that, “There is a lot to adopt from Islamic economic and principles. The primary objectives of Islamic principles and economic system are equitable distribution of wealth and social justice. Islam establishes a high degree of economic equality and cautious abundance of wealth concentration.”

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