Lagos State Governor Akinwunmi Ambode has said the nation is gradually moving out of recession.

He, however, warned that Nigerians must sustain the progress achieved so far.

The governor noted that  there may be retrogression, if the progress is not sustained.

Ambode challenged governors to concentrate on their comparative advantages for self-sustainability instead of over dependence on the Federation Account.

He noted that when states  harnessed their resources, it will lessen the burden on the Federal Government and make them economically viable.

He spoke while delivering the convocation lecture, entitled: “Recession: Challenges and Recovery Prospects” at the Wellspring University, Benin City, Edo State.

Represented by Commissioner for Finance Akinyemi Ashade, the governor said the nation was plunged into recession because of the incessant vandalisation of oil facilities by militants and  over concentration on crude oil as a major source of revenue.

According to him, “this  was the direct consequence of significant economic headwinds following the adverse shock to the oil price that started since mid 2014 and more recently significant production shortages following pipeline vandalism in the Niger Delta  and because oil is the main revenue base of the government, the system went into comatose.

“The current focus on the centre for the economic  sustenance of states is not sustainable.

“Each state or perhaps more appropriately region must figure out its own economic path by focusing on the areas it has comparative advantage and developing it.

“This calls for hard work  and thinking outside the box.

“We cannot have a stable economy when the states are not independently viable. Luckily, we are blessed in this country where arguably  every state  is endowed with natural resources.”

Vice Chancellor Prof. Obi Ikediugwu urged the graduates to internalise what they have been taught.