All hands must be on deck for Nigeria to come out of economic recession.
That is what the Special Adviser to President Buhari on Economic matters, Adeyemi Dipeolu said in an interview with Channels TV.
According to Dipeolu, when Korea faced economic recession in 1997/98, women in the country happily handed over their gold to their government to sell so they could generate money to come out of their economic difficulties.
We have to realize that economics is not Physics. You have to think flexibly around economics. You have to realize that certain policies may not give you the desired effects immediately. There may be time lag. There may be geographical differences. People character may differ. When Korea faced economic crisis in 1997/98, I saw pictures of women in thousands, coming out and giving their golds to their country so it can be sold so they can get out of this difficulty. So there are social dimensions to tackling problems. I think it is important to realize that all hands have to be on deck.
It is not true that the economic team is not coordinated. The economic management team meets every week. Sometimes twice a week. Sometimes late at night deliberating and sharing views but as with all aspects, there are always interfaces that need to be properly managed. So the Central Bank has its own role, statutory. There is coordination but there are sometimes tension between policies because you have different policy objectives but you have to manage them to get the best balance and that is what the team meets regularly to debate and argue and say why don’t we do it this way. So there is a lot of ongoing work and I think by and large, things will be resolved eventually.