The Commissioner for Finance, Lagos State, Dr. Rabiu Olowo has said that as a result
of the global health challenge, through COVID19, there would be global economic recession 2020,which would be devastating than that of 2018 and 2016 respectively.
He emphasised that the recession would have adverse effect on small scale and medium enterprises.
He stated this at the 7th virtual public lecture of the Lagos State University, LASU, Ojo titled: Covid-19: Lock Down Blues and Diagnostics.
He called on governments at all levels to support small scale businesses adequately, which he stated that the Lagos State Government has been doing through combination of interventions.
“Global supply chain has shortened. Many businesses have seen their operating model changed because of the lockdown. Lockdown has brought about some silver linings, with people working from home and technology has redefined the way things are done”, Dr Olowo opined.
He was worried that the pandemic had increased economic vulnerability in Nigeria, mostly African countries and the World.
He added that the crisis has also impacted SDG. He projected emphatically that the pandemic could plunge Africa to its worst economic recession, a continent, already plagued by poverty.
Olowo however advised African Governments to embrace the new normal and plan for the future”
He strongly advised governments to focus on urban development, forge social impact with the people, look for other ways to shore up shrinking revenues.
“Time for expansive private partnership participation, capital expenditure should be redirected, better manufacturing practice, in order that Nigeria does not rely on Europe and America,” the commissioner said.