Though the current economic recession is doing harm to many countries' economies, a Nigerian economist and former vice chancellor of the University of Uyo, Professor Akpan Ekpo, has said the meltdown was some sort of acid test for Nigeria and might help the country to explore its potential and leap to greater heights.

Ekpo who spoke in Abuja on the effect of the crisis said, "As the oil price dwindles, government will soon see the need for the country to look at other areas of economy and become a producing and exporting country. This, in the long run, will reinvigorate the country's non-oil sector which has a lot of economic viability currently wasting away."

The economist wanted the country to ameliorate the effect of the economic crisis on the citizenry.

Ekpo said, "The magnitude of the negative impact needs to be examined. Nigerian economy is import-dependent. All its exports go to the developed countries. All imports come from same source [about 80%]. The source of revenue [oil] for driving the economy is exogenous and highly volatile. Thus, the Nigerian economy is fully integrated in the global economic system and therefore, will also be adversely affected. But if appropriate measures are taken, at the long run, we will be the threshold of our economic base."

He commended government for setting up different economic committees as intervention strategy.

"We must also acknowledge that in recent times, management of the economy has improved significantly such that most economic fundamentals are in the right direction. However, against this macroeconomic stability, there exist very high unemployment rate, massive poverty, decayed soft and hard infrastructure as well as some loss of hope by the generality of the people. Our government is concerned about the domestic economic situation and the global crisis so Nigerians should join hands in making inputs that would assist government to put in place appropriate policies that would reduce the negative impact of the global economic crisis on our economy.

"Government's decision to reduce salaries and allowances of political office holders is a step in the right direction, because government carried the burden of an over-blotted government officials' and their aides' salaries," the former vice chancellor stressed.

Ekpo opined that it was regrettable that Nigeria operated Presidential System of government known to be operationally expensive.

He maintained that the unitary system would have been better for Nigeria.

He advised President Yar'dua to put in place measures that would water down the overtures of the public office so that political office would no longer be attractive, and be for only those willing to serve.

He said that was obtainable in developed countries like the USA, Britain and some Asian countries.

Ekpo was afraid that the negligence of the agricultural sector was the biggest blunder past governments had made, lamenting that 80 per cent of budgetary allocations to agriculture under past administrations ended up being used for administrative purposes with little or nothing getting to the farmers.