For the country to get out of recession, former President Olusegun Obasanjo has called for an increase in the volume of trade internally and externally and the establishment of a commodity exchange to ensure stability in the prices of agricultural produce.
Obasanjo made the suggestion in Abeokuta, Ogun State, on Monday during the opening of the 8th National Council on Industry, Trade and Investment currently holding in the state capital.
He advised the government to also put in place an aggressive coastal shipping system to boost trans-African trade with other countries on the continent from the current 12 per cent to about 22 per cent.
He explained that there was a need to spend less on goods that the nation could do away with, earn more from the manufacturing sector and borrow to finance critical sectors of the economy.
The former President also advocated financial discipline with the necessary political will to implement the various policies and programmes of the government aimed at taking the country out of recession.
Obasanjo also kicked against the constituency projects by members of the National Assembly, saying this must stop.
In his address, Vice President Yemi Osinbajo said that the current recession would be short-lived.
He said changes would come “once the Federal Government is able to resolve the issues concerning pipeline vandalism and focus on a sustainable diversification policy.”
