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Recession an opportunity to restructure Nigeria's economy: governor

Xinhua, September 23, 2016 Adjust font size:

Recession provides an opportunity to restructure and reset Nigeria's economy, a state governor of Nigeria said Thursday.

Abubakar Bagudu, governor of northern Kebbi State, said to reporters in Abuja, the nation's capital, after the National Economic Council (NEC) presided over by Vice-President Yemi Osinbajo.

He expressed support for the plans and proposals of the government to steer the country out of economic recession.

Bagudu said the measures included asset sales, advance payment of licence renewals, infrastructure concessioning, use of recovered funds to reduce funding gaps, while the country also needs to diversify its economy and cut down on importation.

Bagudu said the council, while acknowledging the current economic challenges and difficulties, endorsed the work of the President's Economic Management Team.

He told reporters that the council specifically commended the Minister of Budget and Planning Udoma Udo Udoma and Minister of Finance Kemi Adeosun for their efforts towards finding lasting solutions to the economic challenges. Endit