The Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has said the country is already getting out of the economic recession, given the pragmatic approaches the Federal Government is taking to reverse the trend.

Speaking at the end of a two-day National Council of Finance and Economic Development conference (NACOFED) held at in Abeokuta, Ogun State, she noted that since the problems have been identified, and steps are already being taken to block waste, the road to recovery was sure.

She said, “We are already getting out of recession because of the actions the Federal Government is taking. We are investing more in capital than we have ever invested. We are sorting out infrastructure, we are stopping wastage and so the signs of recovery are already there.”

She explained that agriculture and solid minerals are already starting to grow, as they are responding to government’s policy initiative.

Adeosun said stakeholders from 36 states across the country had brainstormed for two days while resource persons also delivered papers, adding that the economic recovery would be driven at the state and local government levels.

She advised finance commissioners and the accountant-generals in the states to compute their balance sheets, which would show their assets and liabilities.

She expressed the confidence that President Muhamadu Buhari – led government is on the “right path to “revive” the nation’s ailing economy.

Mrs. Adeosun said one the measures the Federal Government is doing to revive the economy is the release of over N700bn for capital expenditure in order to rejuvenate the abandoned capital projects across the country.

According to her, the process of recovery of the economy would take the form of bottom – up from the Local Governmement, State to the national level using the small and medium enterprise operators as part of the major catalysts.

Adeosun said: “in other words our recovery will be driven by the activities at the micro level in Nigeria, by groups of farmers, by collectives of artisanal miners deciding to formalise and increase their production, by local companies creating out grower schemes to support their raw material needs.

“It is when Nigerians begin to confidently invest that the essential foreign investment will follow. One large company that engages 3000 is very exciting but more exciting is 3000 Nigerians taking on two additional staff as our SME’s represent 50% of our GDP and are the real growth drivers.

“We are working to act as an enabler by investing decisively in power, roads, housing, transportation, airport infrastructure and education. To date we have release and fully cash backed over N700Bn and we are preparing another tranche in November.

Also speaking at the event, former President Olusegun Obasanjo expressed worry over the growing number of jobless Nigerian graduates. He said they represent the most dangerous and potent “bombs” to the nation today than any “bomb made with gun – powder.”

He noted the “recession” being faced in the country and the attendant grinding poverty, did not take him unaware as he had long seen it coming in 2014 and also spoke out about it, but ruled that the government at the time had neither the “political will” nor “the discipline to take tough decision” that could have averted the current economic gloom.

Obasanjo suggested three measures Nigeria should adopt to navigate quickly and safely out of the buffeting recession.

According to him, when a nation finds itself in a situation where it is spending more than it’s earning, it should “cut expenses, work to earn more and also borrow.”

He said: “When we were earning big from oil, we failed to save for the rainy days, we did not have adequate preparation for the future and they failed to tell us the fact about the economy, they were quoting for us wrong GDP which did not reflect in the living standard of the people or the economy.”

Obasanjo also said he saw no reason why some of the nation’s assets should not be privatised or sold to raise the needed money to fund the economy, provided the process of selling them is “transparent and free of mago mago.”

“I see no reason why 48 per cent of Nigeria National Petroleum Corporation (NNPC) cannot be privatised. I think the fear people are harbouring is the process by which the assets will be sold and how the money from their sales will be spent.”

“We should prevent reoccurrence of the past where assets were sold to cabals, friends of the government. We should limit the number of shares that will be sold to either individuals or corporate bodies and there should be limit to what individual or corporate body can buy.

“I think government should come out and explain to the people how the assets will be sold to allay their fears. If we sell some of the assets, we will be able to reorganize the economy,” Obasanjo said.

The two – day conference themed: “Enhancing revenue generation and obtaining best value for money in expenditure” was jointly declared opened by Obasanjo and the host Governor, Senator Ibikunle Amosun, at the Olusegun Obasanjo Presidential Library(OOPL), Abeokuta, with the ministers of Mines and Solid Minerals, Dr. Kayode Fayemi, in attendance.

Also in attendance are the Governor of Gombe State, Ibrahim Dankwabo, Senate Committee Chairman on Finance, Senator John Enoh, his House of Representatives counterpart, Hon. Babangida Ibrahim, Accountant – General of the Federation, Ahmed Idris, Minister of Finance, Mrs Kemi Adeosun, 36 State Finance Commissioners, captains of industries, 36 State Commissioners for Budget and Planning among others.