‘Buy Nigerian Act’ is the Way out of Recession- Uwaleke

The way out of recession is to enforce Nigerians to patronize and support made in Nigeria Products. According to Prof. Uche Uwaleke, an economic expert who also serves as the Head of the Accounting Department, Nasarawa State University. He called on the Federal Government to enact a “Buy Nigerian Act” as one of the options…”
Tolu
December 8, 2016 2:22 pm

The way out of recession is to enforce Nigerians to patronize and support made in Nigeria Products.

According to Prof. Uche Uwaleke, an economic expert who also serves as the Head of the Accounting Department, Nasarawa State University.

He called on the Federal Government to enact a “Buy Nigerian Act” as one of the options out of the current recession in the country.

In his speech during the 1st Annual Lecture and Award Night organised by the Leadership Scorecard in Abuja on Wednesday with the theme: “Recession in Nigeria: The Way Forward’’.

Uwaleke, disclosed that a “Buy Nigerian Act” would improve the country’s manufacturing capacity.

“Nigeria needs as a quick measure out of this recession and to enact a Buy Nigerian Act will stimulate the economy. “This is similar to the Buy American Act passed in 1933 in the Unites States during the Great Depression.
“That act required the United States Government and establishments to buy locally produced American goods. “That is the kind of thing we need here that will require our government and citizens to patronise locally made products.

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“The Buy Nigerian Act will go a long way in saving our foreign exchange and spur our manufacturing capacity.’’

According to the professor, an improvement on the efficiency in government spending and implementation the capital component of the 2016 budget will also be a step forward towards getting the nation out of the current Economic recession.

He further stated that the 2017 budget should favour more capital expenditure.

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