Fmr Finance Minister: Ngozi Okonjo Iweala.

I still find it funny that most people
don't know why Nigeria economy
went into recession, they love the
incompetent lies of Lai Mohammed
about the past government ruining
everything. It's also myopic to think
that if Jonathan were to still be in
power, we would be worse off.

The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.

Firstly, there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.

After the election, the president
created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to
jail. The instability made foreign
investors to liquidate their
investment and change their money
to dollars.

In the process of trying to
flee, they were willing to buy dollars
at any price, which lead to high
exchange dollar rate.

Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.

To make matters worse, the
president came up with another
outrageous policy of rationing dollar
to certain sectors and blocking many
sectors out. That was the nail in the
coffin which facilitated the
emergence of free FALL.

In the end, foreign investors took
over $80B out of the economy within
a short period and everything went
down to free fall.

To those who believe it will be worse
if Jonathan is still there, you are all
wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such
tiny time frame. Even though the
government might have income
shortage, the private sector will
weather the storm by their
confidence in the market.

The fear of the unknown created by
PMB is responsible for the economic
downturn not low oil price. Interest
rate in America is currently at 0.5%
while it is 12% in Nigeria. JP Morgan
Chase will not mind borrowing $50
billion from Feds at 0.5 and put in
Nigeria for return of %2000 profit.
Citi bank will do the same, likewise
US Bank Corp. Chase gave Buhari
warning about the repercussions of
his fixing policy before they pulled
out, but his illiterate cyber warriors
and misseducated e-soldiers said
JPMORGAN can go to hell, they no
longer believe in economic metrics
since their messiah is in charge.

Funny enough they are all suffering
today because of the stupid policy,
but they find relief by blaming it on
past administration and Gucci
appetite of average Nigerians.
For your information, if your
president "continues" with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.

Booked.

Idgaf

What do u expect from one who never been to good class and his fellow mafians in d bush??

Okonjo Iwealla cannot be so stupid as to say this. The oil price fell 300% , that was the immediate cause of recession. Jonathan did not save or diversify the economy that was the fundamental cause of the recession. The only thing to infer from this statement credited to Okonjo Iwealla is that she was admitting that all the investors that she and Jonathan attracted to Nigeria were crooks. She would also have been admitting that the Jonathan administration only attracted "fairweather " investors into the stock exchange and money markets not people who came to build factories and set up farms.

It is a pity that many dumb young Nigerians can't think themselves out of a brown paper bag and reason.

What investor puts $1bn and ten years into a country and packs his money and runs away because an anti corruption administration came in. Did MTN run away?, did Shell run away?. RUBBISH

Nigerians have a long way to go. Everybody seems to have short term, general contractor mentality and it's so clear how easy this idiotic "investors ran away in nine months" story got traction because of the cash and carry perception of what an economy is.

Propaganda people

this post is fake , just like it was yesterday and day before that you have been posting this sourceless news

I dont beliv this post

Buhari took a very wrong step when he banned poor man's 'kainji dam' a.k.a I better pass my neighbor.

Na im God vex collect am wisdom

Adminisher:
Okonjo Iwealla cannot be so stupid as to say this. The oil price fell 300% , that was the immediate cause of recession. Jonathan did not save or diversify the economy that was the fundamental cause of the recession. The only thing to infer from this statement credited to Okonjo Iwealla is that she was admitting that all the investors that she and Jonathan attracted to Nigeria were crooks. She would also have been admitting that the Jonathan administration only attracted "fairweather " investors into the stock exchange and money markets not people who came to build factories and set up farms.

It is a pity that many dumb young Nigerians can't think themselves out of a brown paper bag and reason.

What investor puts $1bn and ten years into a country and packs his money and runs away because an anti corruption administration came in. Did MTN run away?, did Shell run away?. RUBBISH

Nigerians have a long way to go. Everybody seems to have short term, general contractor mentality and it's so clear how easy this idiotic "investors ran away in nine months" story got traction because of the cash and carry perception of what an economy is.

Use your head! MTN is not a manufacturing company but a telecommunication. Why won't you say this post is not true when the like of you voted in an educated illiterate to power

searching

sarrki:
Baby Ngo

Am still in season mood

No make me vex ooo

Reading the second paragraph you would know that is a typical ipob zombie yoot talking. Ngozi is incompetent but she isnt uncouth.

Ipob zombies and lies...

HtwoOw:
Propaganda people

this post is fake , just like it was yesterday and day before that you have been posting this sourceless news

See the ipob yoots bad grammer littered all over the post. Bad diction is one common trait amongst ipods.

In summary:

Recession was caused by the president's unguided rhetoric and uncultured body language.

Bad advisor and poor initiatives.

This is the second post in three days that I've seen on here putting words in Okonjo-Iweala's mouth, in a bid to lend the poster's nonsensical ideas an air of spurious legitimacy. Have you people no shame? Are you really stupid enough to think anyone will buy your claims without posting even a single article as evidence to back you up?

The most ridiculous thing of all is that the author is clearly neither fully literate in English, nor conversant with economics in the slightest. Only a fool would believe that a graduate of both Harvard and MIT like Ngozi Okonjo-Iweala would ever write anything so riddled with misspellings, not to speak of the garbled nonsense pretending to be economics. Buhari is indeed to blame for the recession Nigeria is in, but the true explanation is nothing like the claims the OP has made.

on this day let it be known that no fvcks was given