₦airaland Forum

Oklander:
Thanks to IB.

Brainless wailers refuse to accept this pure fact! Hopefully, things will be better. Losers can continue their callous campaign and hateful vituperations, it won't change anything, Buhari will remain president!

PhockPhockMan:
By Levinus Nwabughiogu
ABUJA – The inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence, president Mohammadu Buhari said on Monday.

He also said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.

The president spoke while receiving the Chief Global CEO of Unilever, Mr Paul Polman at the Presidential Villa, Abuja.

He however assured better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement.

”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,” he said.

President Buhari said Nigeria was paying the price for turning herself into a mono economy, but assured that the country would soon be able to feed herself, and even export, with the current emphasis placed on agriculture.

He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.

“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” the President said.

The Chief Global CEO of Unilever said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country.

He added that Unilever had invested about N15 billion in Nigeria in the past 3 years.

“Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.

“The situation to invest and continue to invest here is very encouraging,” Mr Polman said.

http://www.vanguardngr.com/2016/06/economy-rain-beating-us-now-buhari/

Oklander:
Thanks to IB.

Brainless wailers refuse to accept this pure fact! Hopefully, things will be better. Losers can continue their callous campaign and hateful vituperations, it won't change anything, Buhari will remain president!

ubah84:
just like ur mother

patchsk:
Buhari is simply a fool

FlamesD:
Go say that to your APC governors that took the last administration to court because they never wanted the administration to save for rainy days. Now that they have got what they wanted and spent same on your campaign, try and use EFCC your watch dog to probe them. When you are done, Nigerians will know that you genuinely fighting corruption.

Quakertellicus1:
Well, while we should have saved more....at the end of the day , it won't have made much difference....it would have just delayed the hard times by a little longer.

The fact is, even if we saved....we would have ended up with about $60-100bn in the savings. And that is just enough for ........one extra year of health. Which with oil prices being as they are.....means we would be having this conversation next year.



That is true, especially regarding electricity.....and transport.

Having said that there is only one solution

[size=14pt]Running an austerity government, while spending money on transport, education and power....with the sole aim of stimulating more industrial growth in the next ten years.[/size]

Nigeria is not a rich nation. Time we faced that fact. Even if we saved....we would have gotten just $100billion....which is the amount Saudi Arabia spent to buffer its currency in one year (2014-15). And now them Saudis are singing about diversification (When you lose $124bn in one year.....on legitimate things...not on corruption...know that problem dey.....with capital P.).

patchsk:
Buhari is simply a fool