Nigeria May Slide Into Recession, Experts Warn

Experts yesterday warned that if urgent and strategic steps are not taken to revive the current economic slowdown, Nigeria may slide into recession.

Speakers painted a gloomy picture of the economy at the 21st Nigerian Economic Summit, NES, warning that if the country is allowed to slide into recession, it might be very difficult to come out of the situation as a developing nation.

In his country scenario presentation at the summit with the theme: ‘Tough Choices: Achieving Competitive, Inclusive Growth and Sustainability’, Partner/Head, Advisory Services, KPMG, Kunle Elebute, stated that if not careful, Nigeria might slide into recession, a position he said is difficult to come out of, especially for developing countries.

He stressed the need for government to, as a matter of urgency, begin to make inputs that drive revenue such as providing credit guarantee on long term to investors on infrastructure, increase power generation as well as education and investing in research.

He also emphasised on the need to reform the Federal Inland Revenue Service, FIRS, and other revenue collecting agencies, improve collection administration and expand the tax base, total reform of petroleum subsidy scheme, reduction of Joint Venture, JV, funding by 50 per cent and seek alternative financing.

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