Vice President Yemi Osinbajo, while speaking to journalists in Ede, Osun State, after the eighth convocation of the Redeemer’s University, stated that the economic recession facing the country will not last long.
According to him, the Buhari-led government is working very hard and putting all measures to revive the economy in place. He blamed the current negative economic situation on the destruction of oil facilities and the drop in the price of crude oil in the international market.
“As far as we are concerned and so far as all of us who are working seriously hard are concerned, the recession must be short-lived.
“The reason is that as of February last year, we were generating 5,000 megawatts of power and that was the highest ever in the history of this country and that same month the vandalism of the pipelines started. So, we lost 60 per cent of gas and 60 per cent of revenue.
“There is nowhere in the world, there is no economy in the world that can lose 60 per cent of its revenue and will not go into some sort of recession which is actually what has happened to us in this country.
“Once we are able to resolve these issues concerning pipeline vandalism and the diversification of the economy we are working towards, things will change for the better.”
“We are working towards regaining our products locally. We are investing more in refineries and private investors are coming into refineries as well. If we are able to do this, 70 per cent of what we import will not be imported again, hence our foreign reserves will be maintained and if it is maintained, our currency will improve.
“I don’t think that life will be bleak because what our country is known for is resilience and people that are extremely hardworking, optimistic and hopeful.
“We have all it takes to be a great country. I am quite convinced that the problems we are seeing today will quickly disappear as long as we understand why we are where we are today.”
The Vice President in his speech during the convocation advised the graduates not to depend only on their respective discipline, but rather multi-task because that is the way forward.
“You must appreciate that this is the age of multi-tasking. You cannot just say you are an economist, an engineer or a graduate of any discipline only; multi-tasking is the order of the day.
“The difference between your generation and ours is that in your generation, you have the opportunities to multi-task. You have what is takes to do more than one thing.”