Economic growth under Goodluck Jonathan was fake – World Bank Consultant

The president of Nigeria Economic Society and a World Bank consultant, Olu Ajakaiye has stated that the economic growth recorded from 2010 to 2014, under the leadership of Goodluck Jonathan, was fictitious in nature.

He further stated that the Muhammadu Buhari-led government and subsequent Nigerian governments must develop the country, even if it means stealing from other countries.

Ajakaiye, who was the keynote speaker at the 2017 edition of The Bullion Lecture organised by the Centre for Financial Journalism, said many first world nations have stolen their way to development.

Ajakaiye said the government must not leave development for the markets to handle, but combine all instruments, positions, variables and policies to drive growth and development.

“Let us therefore not be under any illusion and say the market will do it. They have to make sure they provide the market, whatever it takes, including stealing from other countries,” he said.

“The developed systems that we have now were as a result of resources taken from here, and they are ahead. Their government didn’t say we would be nice guys, we would not go and steal.

“They carried our people, young people, valuable people, and they now established the first world.”

Ajakaiye dissected Buhari’s economic recovery and growth plan (ERGP), and applauded it as a good plan, if properly implemented and funded according to targets.

The development economics specialist said the ERGP has set out 21 clear programmes, with 60 strategies and 365 key activities, which has been assigned to lead agencies across the public and private sectors.

He said N75.03 trillion will be needed to implement the plan, which runs from 2017 to 2020.

“When the economy was growing in a fictitious way — I regarded the growth of 2010 to 2014 as fictitious. Why is it fictitious, it is growth that is driven by government just deploying oil revenue into the economy.

“The structure remained dis-articulated and we are actually deceiving ourselves in a very interesting way by saying the economy leaped-frog, we have now got to a stage where we are arrived, because in advanced countries, service sector is now dominant.

“They call it tertiarisation of the economy. Our economy was prematurely tertiarised, and this was the harbinger of poverty.

“I always tell people, when you go to Europe where their economy is already tertiarised, do you see anybody running after you in traffic to sell you recharge card? Do you see anybody hanging pure water in front of you? Do you see people running 140? That is our tertiarised service sector.”

He said government must pave the way for private sector players to fund the economic recovery and growth plan.

Other panelists who spoke on the ERGP include Ibim Semenitari, former information and communications commissioner in Rivers state, Biodun Adedipe, a financial consultant, Bukar Kyari, chairman of the Nigeria Economic Summit Group.

They all called on the federal government to stay focused on the implementation of ERGP and not be distracted by the coming elections.

http://omojuwa.com/2017/04/economic-growth-goodluck-jonathan-fake-world-bank-consultant/

I was watch and I said it then That the major reason why we are in recession today...that guy was doing well until the tail end of his government...very fake man.

“When the economy was growing in a fictitious way — I regarded the growth of 2010 to 2014 as fictitious. Why is it fictitious, it is growth that is driven by government just deploying oil revenue into the economy.

The very fact!

Oil boom era!

I totally agree.

But it's same during OBJ govt. We had growth, driven by increased oil prices.

Same with current administration. As a matter of fact, increase foreign reserves from increasing oil prices are been used to subsidise dollar purchases for consumption vis a vis Foreign education, foreign travels, foreign medical etc..

With even more Naira available due to currency devaluation, increased oil earnings are just flowing to all tiers of govt

Jesus

so you want us to believe this trash from an a tribe that has decided to leak buharis ass eternally and also from an lagos-ibadan propaganda source?

APC should understand that election campaign is over but I am ashamed that a certain tribe have allowed themselves to be used continually to dish out lagos-ibadan express way junk propaganda.

Jonathan's economic growth was fake but people were happy and living comfortably, buying rice for 9k per bag and buying a bottle of palm oil @100 naira per bottle but buhari economic growth is real when people buy rice above 23k and a bottle of palm oil @800. maybe the cheap rice and palm oil are proceeds of corruption.

buy rice above 23k and a bottle of palm oil @800. maybe the cheap rice and palm oil are proceeds of corruption

what are you doing to revive the economy since your resumption of office?

we know that

Ibadann express way brown envelope source

Nonsense op with a nonsense post from a nonsense source

no matter how fake d economy was during GEJ, it will not change d facts dat most nigerians prospered under his govt compared to dis present directionless govt.

btw, a fake con3 like nigeria with a structure based on decied will always have a fake economy. notin more notin less.

Almost 2yrs after leaving office you r still fighting tooth n nail to rubbish everything he achieved..

When will this administration start doing something it can point to n say we did dis or dat.

Or r dey going to condemned GEJ 4 4yrs?