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by Olatunji Saliu
ABUJA, Sept. 21 (Xinhua) -- Nigeria needs steady growth to fully recover from its worst economic recession in more than two decades, an economic expert told Xinhua on Thursday.
The Abuja-based economist said the end of the recession in Nigeria was a good development but the country's economic growth remained fragile and vulnerable to external shocks and policy slippage.
Muye Yahaya said cruel choices or policies, aimed at adding value to all sectors of the economy, were needed as quickly as possible.
It is through such policies that the economy, which pulled out of recession early September, can be on the path of smooth development and stability, Yahaya said.
""Such cruel or important choices are needed to accelerate the construction of institutions to stimulate economic growth and restructuring the economy,"" he said.
Yahaya, like many other analysts in Nigeria, thinks the outlook for more growth looks positive for the country.
He urged the government to make honest painful structural changes to support its priority sectors of the economy.
""Nigeria needs a national consensus to reduce borrowing and to invest more in agriculture, mining sector and supports small-scale industries.""
""The country also needs to improve the business climate by upgrading corporate governance, promoting venture capital investment, redesigning policies for small and medium-sized enterprises, known as SMEs, that will raise productivity, which is the only way to regain a sustainable growth rate,"" the expert said.
Among other areas that needed urgent attention for economic revival, the expert said the local tax structure could also encourage industrial revival.
Many experts have said that there are different stages Nigeria must go through before ordinary Nigerians will feel the effects of going out of recession, adding figures suggesting growth do not translate into an improvement in the quality of growth.
On Sept. 5, data by the Nigerian government showed a notched-up growth of 0.55 percent in the second quarter of 2017, from -0.91 percent in the first quarter of 2017 and -1.49 percent in the second quarter in 2016.
The economic recovery was driven by improved performance in the oil, agriculture, manufacturing and trade sectors.
The Nigerian economy had contracted for five consecutive quarters since the first quarter of 2016, slipping into recession for the first time in more than two decades in August 2016.
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