The Nigeria Labour Congress (NLC) President, Ayuba Wabba, said that the recession leaves Nigeria with no alternative than to make good this plan by coming up with comprehensive, inward-looking policies to boost production and thus mop up the excess labour force in the market.
The Federal Government, he added, must also focus its policy on massive spending as a way out. "As the purchasing power of the citizenry is low at the moment (due mainly to months of unpaid workers' salaries), government needs to enhance individual liquidity by spending wisely on agriculture, infrastructure and stimulating the manufacturing sector. More efforts must be made to pay the backlog of workers' wages. We must increase the consumption of locally-made goods and services. We must export more to drive the economy.
Other analysts also suggested that the federal and state governments should borrow from the capital market to finance revenue-yielding capital projects, ensuring that contractors are faithfully paid to enable them pay their workers.
"The economic policies of the Federal Government must also be shaped to attract Foreign Direct Investment, not just portfolio investors. But we must warn that foreign investors will only take a chance on our economy when they see that our local investors are also investing", according to one of them.
In his contribution, the Executive Secretary, Association of Telecommunication Companies of Nigeria (Atcon), Mr. Ajibola Olude, expressed optimism that Nigeria can move out of recession through right policies.
He said: "Measures to be adopted by a nation under recession include the devaluation of the nation's currency. By devaluing the naira, imported goods will become more expensive and Nigerians will be forced to buy goods made in Nigeria."
"Nigeria could also reach out to organizations like IMF, World Bank and the likes to lend money to either offset or finance its expenditures. Nigeria at this period must as a matter of urgency embark on diversification model to increase her foreign exchanges, while Nigerians should be encouraged to patronise made in Nigeria goods."
Mr Felix Akhime, in his contribution, however, noted that borrowing and devaluation will add to the nation's woes, rather, he advised that the country should develop its natural resources as well as the IT sector to fast track growth.
"Nigeria should be known for a particular product, invest in innovators, let them think outside the box. With encouragement from the government, their products would be globally accepted. FG should not only rely on agriculture alone, but spread its tentacles to ICT, which is another alternative to oil. Before we know it, recession would be the one to pack its belongings and the country would be great again, that is, if government is truly sincere about making Nigeria great again".