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Nairaland Forum / Nairaland / General / Politics / One Year After; Where Is The Nigerian Economy Heading? (396 Views)
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One Year After; Where Is The Nigerian Economy Heading? by kratosonofzeus: 11:59am On May 25, 2016 |
Nigeria’s overdependence on oil is one reality that
President Buhari’s government has to
grapple with if it will survive the crash in the global
oil prices. The good news is that every
challenge posed to this administration is a prospect
for them to make a change, just as they
promised during the presidential campaign.
However, it seems that this government has no clue
on how to fix the economy. The
incompetence of Buhari’s economic team is instantly
apparent as the economic system is on
the verge of collapsing; inflation is on the rise,
purchasing power is very low, unemployment is
high, the country is in gross darkness and it seems
like Nigerians have already lost hope in this
government.
The best word to depict an economic system led by
Buhari and his team without a pattern is to
refer to it as “Buharinomy.” To borrow the words of
Prof. Utomi, Buhari is indeed operating an
“archaic and medieval kind of economic system.”
Despite the pathetic situation of the economy, his
economic team has been mum about the
present state of affairs. And instead of the president
to accept the responsibility of giving
direction to the economy, he keeps blaming the
immediate past administration for the present
economic woes. He forgets the word of the German
author Eckhart Tolle that says,
“Discontent, blaming, complaining, self-pity cannot
serve as a foundation for a good future, no
matter how much effort you take.”
There is no basis to compare the Buharinomy and the
economy of the past administration
because the economic policies of the immediate past
administration were direct and had a
human face to it.
One technocrat that made a difference in the past
administration was the former Minister of
Finance and coordinating minister of the economy
who helped in charting a cause for the
economy. Although the administration had its own
challenges, she put policies in place that
helped cushion the hardship known to the ordinary
man in the country.
Okonjo-Iweala in a bid to help this administration
advised the president to concentrate on
diversifying the economy, block leakages and rebuild
buffers. But they’ve chosen to dismiss
her advice with an excuse of fighting corruption.
The government claims it is fighting corruption,
thereby leaving the economy to take a
downturn. Jonathan’s administration also
experienced a shortfall in the nation’s revenue which
also resulted from the fall of oil price. But it was
quickly addressed by Dr Okonjo-Iweala,
thereby, reducing the effect on the economy.
The minister strategically achieved this by opening up
Nigeria to the global business
community which made the country to be Africa’s
number one destination for foreign
investors. In the first six months of 2014, a total of
US$9.70 billion or N1.51 trillion flowed into
the national economy as foreign direct investments
(FDI).
This is relative to what this present economic team
are doing, instead of working hard to open
up the country; they are all singing the same song of
blaming the previous administration,
without any clue and vision on what to do to move
the nation forward.
One year running, this administration has no
economic blueprint for the country. However, if
the president really wants to diversify the nation’s
economy then he should stop being the
Minister of Petroleum and become the Minister of
Agriculture.
Although Jonathan wasn’t the Minister of Agriculture,
he appointed a skilled technocrat that
made a difference. As at the end of 2013, the
proceeds from Nigeria’s non-oil export rose to
2.97 billion by the end of 2013, up from 2.3 billion in
2010.
I am yet to see the present Minister of Finance Kemi
Adeosun chart an economic policy that
will curb inflation against the increase in the price of
fuel. I’m yet to see Audu Ogeh, the
present Minister of Agriculture encourage policies
that will inspire the young generation to go
into farming. And I’m yet to see where the Nigerian
economy is heading.
Nigerians must stand up and call out this government
to do the right thing by taking ownership
of the challenges. Thereby, finding lasting solutions
to the hardship some Nigerians are facing. 1 Like
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Re: One Year After; Where Is The Nigerian Economy Heading? by menstrualpad: 12:00pm On May 25, 2016 |
doin great we r killin kwarruption and the economy together |
Re: One Year After; Where Is The Nigerian Economy Heading? by BeeBeeOoh(m): 12:03pm On May 25, 2016 |
It is in daura |
Re: One Year After; Where Is The Nigerian Economy Heading? by AngelAhnie(f): 12:11pm On May 25, 2016 |
To hell ![]() |
Re: One Year After; Where Is The Nigerian Economy Heading? by Horus(m): 12:25pm On May 25, 2016 |
https://www.youtube.com/watch?v=0pMTQf21MVQ [size=14pt]Nigeria's Economy In 2016: Where Are We Heading & Why?[/size] |
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