₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,119,672 members, 4,590,481 topics. Date: Monday, 19 November 2018 at 04:38 PM

Why Nigeria's Economy Is In Recession – Lai mohammed - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Why Nigeria's Economy Is In Recession – Lai mohammed (29728 Views)

How Buhari Got Nigeria Out Of Recession - Lai Mohammed / How Nigeria Exited Recession – Lai Mohammed / Nigeria's Economy Is Finally Out Of Recession - World Economics (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Why Nigeria's Economy Is In Recession – Lai mohammed by sharpden: 4:14pm On Sep 13, 2016
THE Minister of Information and Culture, Lai Mohammed, Tuesday said Nigeria’s over-dependence on oil is to blame for the recession the nation’s economy is passing through.


Mr. Mohammed made the assertion at a news briefing at his residence in Oro, Irepodun Local Government Area in Kwara State.


He said the prevailing economic situation was not about trading blames,as “those who understand knew that this recession was bound to happen in such circumstance”.


He said the crash in global price of oil exposed the country’s defective economic policy, with oil accounting for over 60 per cent of the nation’s Gross Domestic Product (GDP).


The minister said the situation was further compounded by inadequate reserve to cushion the effect of oil “misfortunes’’ on the country.


“We have a very defective economic structure, which depended largely on a single platform of crude and fuel.


“Crude oil accounts for between eight and 12 per cent of our GDP and another 53 per cent of the GDP which we call non-oil, unfortunately also depend on the same oil.


“When the price of oil now crashes in the international market, definitely you are bound to have this kind of shock in the economy,” he said.


He decried the citizens’ preference for imported goods to local products, saying that substantial amount of the country’s foreign exchange earnings was being expended on importation of goods and services.


Mr. Mohammed also blamed past administrations’ inability to achieve massive investment on infrastructure to assist manufacturing industries and boost agriculture production for part of current problem.


According to him, such inadequacies are responsible for the socio-economic imbalance being experienced in the country today.


The minister, who acknowledged that there was growth in the nation’s economy between 2010 and 2014, however, said the growth was only fueled by consumption.


“The growth was not fueled by production or fueled by investment, and that explains why it was shortlived,” he said.


He said the present administration’s efforts to correct past anomalies could not be felt immediately because the rots in the system were too enormous for short term remedies.


Mr. Mohammed said the administration inherited a debt of N65 billion on fertilizer procurement alone.


He listed part of the administration’s reforms to include investment in infrastructure and agriculture production.


“People say we should not talk about what happened yesterday but it is pertinent to learn, understand and move away from past mistakes.


“In the whole of 2014 the government then, expended about N18 billion on roads, but spent N35 billion on travels.


“This year alone, we have spent N70 billion on roads.


“People say why are these steps not being felt immediately? It is because the last government refused to pay contractors between 2012 and 2015 even when crude was selling at 100 dollars per barrel.


“Out of the N70 billion being owed Julius Berger, we have paid N14 billion.


“If government was not owing Julius Berger in the past — and we paid N14 billion to them — you would have seen them busy on the roads,” he said.


He said “Change Starts with Me” initiative launched by the Federal Government on Tuesday was to instill discipline and the needed change of attitude in both the leaders and the people.


According to the minister, such remained the basic foundation and the driving force for actualising socio-economic transformation for the country.


“Nigerians have to change their attitude from the past; it is not only about the leaders but also the followers.


“This is the only way we can achieve our desired progress, growth and development,” he said.


(NAN)


http://www.socialtimesng.com/2016/09/why-nigerias-economy-is-in-recession-lai-mohammed/

13 Likes 4 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Nobody: 4:17pm On Sep 13, 2016
How did we even end up with this crop of leaders? undecided


I regret voting APC

243 Likes 11 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by GoggleB(m): 4:18pm On Sep 13, 2016
okay Mr Lai

1 Like

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Nobody: 4:19pm On Sep 13, 2016
APC is a disgrace to politics and democracy undecided

158 Likes 7 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by psucc(m): 4:20pm On Sep 13, 2016
No longer PDP? Is Lai Mohammed lying to himself?

Well, we really know and agree that overdependence on oil is the cause but the effect wouldn't have been this devastating should the government had sound policies on ground or at best listened to the voice of reason.

158 Likes 4 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by ministeriallist: 4:46pm On Sep 13, 2016
?

43 Likes 2 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Dannyfaraday(m): 5:01pm On Sep 13, 2016
FowlYansh:
How did we even end up with this crop of leaders? undecided


I regret voting APC

You wanted change now.

116 Likes 3 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by lielbree: 6:46pm On Sep 13, 2016
Kai this man can lie!

Buhari has spent 70b naira on road, which road??

The reason for this recession is simply the implementation of the TSA!

122 Likes 2 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by KINGwax007(m): 6:47pm On Sep 13, 2016
Why won't we be in recession?
What are we producing that will cater for our foreign reserve when oil nosedived and the predecessor made no plan to save.

Saudi and Canada are enjoying their savings now while Venezuela, an import dependent fool like Nigeria is dying of hunger, despite being the top in the list of oil producers.

Recession is expected...

28 Likes 3 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Emmysteve(m): 6:47pm On Sep 13, 2016
I don't need to read the content of the post because I am 100% sure he will blame PDP as being responsible for that.

Modified:
I said it. [color=#990000]

47 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by oluwasegun007(m): 6:48pm On Sep 13, 2016
And the ' B ' Game continues.....

if its coming from uncle Lai, then i'll pass... undecided undecided undecided

30 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by mekaboy(m): 6:48pm On Sep 13, 2016
WE did not vote u to tell us why.

16 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by kgr8mike: 6:48pm On Sep 13, 2016
N10, 000, 000. 00 @ N200/$ few years back is $50, 000 but today @ N400/$ the same N10, 000, 000 is now $25, 000. It has lost half of its value. Amidst that inflation has hit prices of goods and services 25 to 30%. So effectively the person that saved N10, 000, 000 few years ago has no real money today.

Again the Nigerian earning N100, 000 then was earning $500 but today that same person earns $250, added to inflation that person has nothing to show for it.

Buhari should have told us he wanted EFCC job and we would have given it to him and he should have left the economy and governance in the hands of those competent enough to handle it.

Lai Muhammed, Lai Muhammed, how many times did you hear your name?

36 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by AfonjaGuy: 6:48pm On Sep 13, 2016
Lie Mohammed blaming Oil while his clueless Master Dullard Buhari blaming Gej . they will continue their blaming excuse till 2019 shocked shocked shocked
useless incompetent men

71 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by yinkslinks(m): 6:48pm On Sep 13, 2016
Hmmmm

65 Likes 5 Shares

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Ofemmanu1: 6:48pm On Sep 13, 2016
Lieing basterrd!

14 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Omeokachie: 6:49pm On Sep 13, 2016
Yawn...

Wake me up when you are ready to tell me what you are doing about the situation aside looking for more crude in the Chad basin.

6 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by ouzo1(m): 6:49pm On Sep 13, 2016
Is there no reasonable minister in this administration??

7 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Poorboy: 6:49pm On Sep 13, 2016
It's because an illiterate is the president.

14 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by FakeNEWSevryday: 6:49pm On Sep 13, 2016
Ok

1 Like

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by NNVanguard(m): 6:49pm On Sep 13, 2016
Can we have enough of the blame game?

The destiny of this nation lies in the hands of the younger generation and not the likes of Information Minister and his team.

Join the New Nigeria Vanguard for a new Nigeria where our signature reflects in the live we live!


#tomorrow's leaders today!

7 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by CeoMYN: 6:50pm On Sep 13, 2016
I hope your government is trying their best to get us out of recession?
Re: Why Nigeria's Economy Is In Recession – Lai mohammed by jmoore(m): 6:50pm On Sep 13, 2016
He decried the citizens’ preference for imported goods to local products, saying that substantial amount of the country’s foreign exchange earnings was being expended on importation of goods and services.

Ban importation of petrol. diesel and kerosene. undecided

1 Like

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by Nobody: 6:50pm On Sep 13, 2016
He should have blamed only the past administration undecided
Re: Why Nigeria's Economy Is In Recession – Lai mohammed by belonare: 6:50pm On Sep 13, 2016
Anytime this man speaks even the devil self trembles

3 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by cyberdurable(m): 6:51pm On Sep 13, 2016
[size=15pt]This man no get shame... [/size]

19 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by drss2(m): 6:51pm On Sep 13, 2016
oyel is d only resources dis govt care about.

3 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by ifeelgood: 6:51pm On Sep 13, 2016
oluwasegun007:
And the ' B ' Game continues.....

if its coming from uncle Lai, then i'll pass... undecided undecided undecided
rain caused the recession
Re: Why Nigeria's Economy Is In Recession – Lai mohammed by tempest01(m): 6:51pm On Sep 13, 2016
Nigerians voted in change so as not to experience what we are experiencing on the long run. But you people just succeeded in bringing the doomsday closer.

Now we have to fight to bring ourselves out of this mess, and that means that change is far and has eluded us. On a serious note, PMB should have given himself as an EFCC chairman, not the president of the country.


We will get out of this when oil price bounces back, and we will not learn any lesson. Why are soldiers sent to die in the creeks for oil if you even have plans to diversify? When kano is receiving more allocation from oil than the producing states, why would they diversify?

It will dawn on us. We haven't seen the worst yet.

7 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by arabbunkum: 6:51pm On Sep 13, 2016
This man is a dunce. Why is he not blaming GEJ this time?

5 Likes 1 Share

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by KingGeorgey(m): 6:51pm On Sep 13, 2016
Well I can see this government's only accomplishments will be blaming the past ones... Meanwhile in warri....

5 Likes

Re: Why Nigeria's Economy Is In Recession – Lai mohammed by lilmax(m): 6:51pm On Sep 13, 2016
smh

1 Like

(1) (2) (3) (4) (5) (Reply)

Why We Are Supporting Buhari - G7 Countries / Nigerian Beans To Be Allowed Into Europe / De-Damak Motors Donates 2 SUVs To Nigerian Army. Photos

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2018 Oluwaseun Osewa. All rights reserved. See How To Advertise. 86
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.