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Despite the lull witnessed in the economy during the outgoing year, the economy is expected to leap bountifully in the coming year.
The Shepherd in charge of Celestial Church of Christ (CCC), Agbelekale 11 Deputy Province, Prophet Afolabi Israel during the church adult harvest service stated that the economy of the country will witnessed a leap away from what happened in 2017.
Israel said many of the indices that induced that tightening of the economy will not be witnessed during the New Year.
According to economy analyst and Prophet, said the Buhari led administration in the coming year had to contend with two unfavourable factors which was not tackled headlong during the year.
According to him, the administration had to contend with the unusual and the deleterious management of the economy that has slip over the years of the drop in oil prices, which accounts for high portion of government’s revenue despite the improvement.
While speaking on the theme” Harvest of grace” Prophet Israel said “The challenge that could hamper the economy next year lies on how to revamp the economy via increased government spending despite the dwindling official government revenues.”
However, against the expected revenue streams, there is much to be worried about what is in absolute terms the country’s largest allocation for debt service.
He said the current situation in monetary policy will aid the economy to bounce back.
Prophet Israel called on private business owners to diversify and explore areas that they have competitive advantage and also look at areas where they can make the best use of the advantages and many gaps the present economic situation in Nigeria has created for business development.
He also urged manufacturers to focus more on the use of local raw materials in their production. “This is a period for private organisation to look inward in terms of localised businesses and sustainable organisational development. Private business owners needed to be patient during this period of global economic recession because at every point in time there is always risk and opportunities.
If business operators can take the risk by being patient, at the end, the opportunities will emerge.
He urged all the three tiers of government to reduce their levies and taxes and the financial institutions to look into the issues of lending by reducing the lending rate for the small scale business entrepreneur
Prophet Israel said there would be reduction in insurgency, kidnapping for ransom, agitation among other vices due to the expected rebound in the economy
He urged Nigerians to help the manufacturers and the economy by patronizing locally made products because when we buy foreign made goods, we are exporting employment and creating unemployment in our own country.
