Baba Obasanjo explained that there was a need to spend less on goods that the nation could do away with, earn more from the manufacturing sector and borrow to finance critical sectors of the economy.
Obasanjo said this in Abeokuta, Ogun State, on Monday at the opening of the 8th National Council on Industry, Trade and Investment currently holding in the state capital.
He advised the government to also put in place an aggressive coastal shipping system to boost trans-African trade with other countries on the continent from the current 12 per cent to about 22 per cent.
The former President also advocated financial discipline with necessary political will to implement the various policies and programmes of the government aimed at taking the country out of recession.
Obasanjo also kicked against the huge Billions being wasted on constituency projects by members of the National Assembly, saying this must stop.