A financial economist Dr Deebii Nwiado, says that the nation’s economy will hardly fall into recession if the private sector becomes more productive.
Dr Nwiado a Lecturer and Coordinator of the Graduate School of Business Ignatius Ajuru University of Education Portharcourt, who stated this to our reporter Tina Amanda, said it is the productive service of the private sector that grows the economy.
According to him, government is supposed to be a regulatory body that remedy market failures and not a sector that manages over 90 percent of the nation’s economy, adding that there is need to improve private sector working.
“The government is a fairly huge portion of Nigerians economy, when it is that way political issues are drag into government and that creates a whole lots of problem, government is in the lead to borrow money, create job, support the market, government is in everything because the private sector is not at its best, functioning not optimally or minimally even.
“If the private sector is so small and not being what it suppose to be then there is a problem. The recession that occurs in an economy is simply a private sector issue because it is the private sector that produces goods and services and sell, when that fails recession creeps in‘’
He further appealed to investors, to invest more into the nation’s economy in order to depend less on government, stressing that Nigerians should be productive and think towards establishing industries.
“Let those who have the capacity bring money and invest, it doesn’t matter whether they employ three or four persons, that’s what grows the GDP, government does not grow GDP. We need to invest, people will say invest in what, there are thousands of empty market in this country, over twenty, thirty and fifty markets in this state that are completely empty no investment on them.
“The state are supposed to be a productive point but rather they are now waste pipes, people struggle and kill to make sure they sit in the place called state house not for productive reasons but just to help themselves. It is the private sector that is supposed to generate actions that will bring about policies that will affect the thinking and working of government”