The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Wednesday alerted members of the Federal Executive Council to a possible economic recession based on happenings in the global economy. She, therefore, warned them to shun profligacy in the management of the nation's resources.
The Minister of Information, Mr. Labaran Maku, disclosed this to State House correspondents at the end of the weekly FEC meeting.
He was joined at the briefing by his Interior and Health counterparts, Mr. Abba Moro and Prof. Onyebuchi Chuwku, respectively. Maku said Okonjo-Iweala spoke of the noticeable downward slide in the price of oil in the international market and called for caution in the management of the nation's resources in case of a recession. He, however, quoted the minister as assuring FEC that her ministry was preparing well towards mitigating the likely effects in case the crisis got deeper. Maku said, "The Minister of Finance briefed the Council about the global economy environment and generally, Council was told that there were some difficult moments out there in the international economy, particularly because of the crises in Greece and Spain.
"She said the crises had begun to impact on the global economy and one of the things we were informed by the minister was that we noticed some downward slide in oil prices in recent weeks. The Minister of Finance told us to buckle up and ensure proper management of available resources to prepare Nigeria in case there is any recession." He added, "We are not expecting one; you know that during the last financial meltdown, which crippled most developed economies with negative impacts on developing countries, Nigeria was able to weather through because we were prepared.
"Right now, the Ministry of Finance is preparing just in case the crisis goes a bit deeper, Nigeria should be positioned to weather the storm and coast safely. Presently, we have no problem in terms of our finance management."
The council also approved a new visa policy for the country based on the memorandum submitted by the Ministry of Interior.
Maku said the decision to approve the new visa policy was taken based on the discovery that the current policy was based on assumptions and dynamics that had changed.
He said the major objective of the new visa policy was to facilitate easier access to the country, particularly by foreign investors.
A major highlight of the new policy, according to him, is that strategic visitors to the country will have the opportunity of getting visas at entry points, especially at the airports.
Another highlight is that the length of period of visa validity that will be granted to investors under the new dispensation will be up to 10 years. The minister said since long duration visas were being done in many countries across the world, Nigeria could not afford to take the back stage, especially with the country gradually becoming a destination of choice for investors in the African continent.
He said in as much as the new policy was visitor-friendly and targeted at economic development and national interest, the Federal Government would ensure that criminals would not exploit it to gain entrance into the country.
Maku said, "The present visa policy is based on assumptions and dynamics that have changed. The present economic situation in the country is characterised by high unemployment among the youth. When youths are not productively engaged, internal security threats and social discontents become more pronounced.
"The new visa policy will boost tourism, attract targeted Foreign Direct Investment, create employment opportunities, attract skilled migrant workers and keep the national boundaries more secured."
Moro gave an insight into the new visa policy, saying it allowed for "the principle of reciprocity; that is, I treat you the same way you treat me."
He said apart from the fact that impromptu business visitors from countries where Nigeria had no embassies could get their visas at points of entry, there were provisions for temporary resident visas, permanent resident visas as well as investors or skill transfer visas.
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