By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: How Nigeria Can Overcome Economic Recession – Obasanjo
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

How Nigeria Can Overcome Economic Recession – Obasanjo

Farouk Mohammed
By Farouk Mohammed
Published: October 25, 2016
Share
3 Min Read
SHARE

Obasanjo

Former Nigeria’s President has called on African countries to explore trading opportunities within the continent as part of efforts to boost their economies.

Olusegun-Obasanjo-1024x768-1024x768-1024x768-1

Contents
ObasanjoFormer Nigeria’s President has called on African countries to explore trading opportunities within the continent as part of efforts to boost their economies.Obasanjo made the call on Monday when a delegation from the National Council on Industry, Trade and Investment paid him a courtesy visit at his hilltop mansion in Abeokuta, the Ogun State capital.
Obasanjo made the call on Monday when a delegation from the National Council on Industry, Trade and Investment paid him a courtesy visit at his hilltop mansion in Abeokuta, the Ogun State capital.

The delegation, led by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enalamah, included the Minister of State for Industry, Trade and Investment, Aisha Abubakar, and members of some committees of the National Assembly.

The delegation was in Abeokuta for the eighth edition of the council’s meeting, with the theme: “Diversification of the Nigerian Economy: From Over Dependence on Oil Exports.”

The former president expressed concern that the share of intra-African trade in Africa’s total trade over the past decade was only about 12 per cent compared to 65 per cent of Asia.

- Advertisement -

Obasanjo called for removal of all barriers against intra- African trade and the establishment of commodity exchange for agricultural goods produced in the region.

He also called for the establishment of coastal shipping system to ease trading within the region.

Obasanjo expressed optimism that an enhanced coastal shipping system would increase the share of intra-African trade in the region’s total trade by 10 per cent.

He faulted the argument that trading within the African Union would continue to be low because the member countries produced same commodities.

- Advertisement -

Obasanjo said: “I want to disabuse the minds of our people against the notion that the level of trading among ourselves will be low because we are producing the same goods.

“Let us note that Britain and France produce the same goods and yet there is strong trading between the two countries.

“The same thing happens between Germany and France as well as among European countries and between Europe and America.

“In any case, let Nigeria, which is advanced in the production of noodles, sell to Angola, where the goods are in heavy demand.

“Let Kenya, which is very good at producing Kiwi polish and cashew nuts, sell to Nigeria first and not to Europe and we in Nigeria would in turn sell our goods for which we have comparative advantage to Kenya.

“All I know as I was growing up is farming and trading and these are the professions that my parents used to send me to school.

“Nigeria needs to actively engage and strengthen both internal and external trading to quickly get out of recession.”

Obasanjo urged members of the National Assembly to make laws that would ensure that Nigeria increases its level of productivity and trading.

Earlier in his remarks, Enalamah had commended Obasanjo for his commitment to the unity and development of the country.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Economic RecessionNigeriaobasanjo
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Sack of 48 Workers Not Due to Recession – Dangote
Next Article Shiekh Gumi Raises Alarm Over Allegedly Plot to Cause Chaos at Sultan Bello Mosque, Kaduna

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 1 day ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations
Security
NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation
News
Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies
International News
President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023
News
Aminu Dantata to be Buried in Madinah After Saudi Approval
News
- Advertisement -
Ad imageAd image

You May Also Like

CrimeVideo

VIDEO: NDLEA Issues Strong Advisory to Travellers Against Carrying Unknown Bags

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

SERAP Demands Transparency from Nigeria’s Governors on Security Vote Spending

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
NewsSecurity

Security Situation Improving, CDS Urges Continued Support from Nigerians

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?