Professor Akin Iwayemi
Professor Akin Iwayemi

Getting out of the current economic recession is dependent on government having the right policy mix.

This is a perfect blend of fiscal and monetary policies. A situation where there is no disconnect between the policies of the CBN (monetary policies) and those of the executive arm of government.

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The two are germane to a country’s economic growth, development and all-round well-being.

This was proposed by Professor Akin Iwayemi, lecturer in the Department of Economics, University of Ibadan. He posited that the country would most likely come out of the recession this year.

The university don said that application of the right policy mix would determine how fast the country would come out of the economic crisis.

“If we get the policy mix right; the policy mix here involves exchange rate, the power sector and appropriate incentive for manufacturers.

Iwayemi, a former President of the Nigerian Economic Society said one positive evidence that the country would get out of recession in the year was the oil price.

He said the price of oil was picking up again at the international market and that if the country got it right on the fiscal dimension, the economy would bounce back.

International oil prices have been fluctuating between $50 and $60. More than it went for last year.

“A major factor last year that affected the economy was the shortage of foreign exchange for producers and it was because of the oil revenue that collapsed.

“Oil prices are rising now between 50 and 60 dollars compared to last year,’’ the don said.

Other experts have also painted this positive outlook though they cautioned patience as it would be a slow process.