Diamby:
People who criticize the present administration for the economic recession we are should tell us what the ousted government of GEJ would have done differently to halt the recession. We all know that i was the sharp drop in oil prices and lack of savings that threw us into this recession.Does jonathan have the powers to regulate international oil price? Nigeria is largely dependent on its earnings from crude oil for survival as such the oil prices affected our dollar earnings thereby causing the devaluation of the naira.I also ask what has previous administration done about diversifying the economy,building new refineries or revamping the old ones.power sector reforms as i know was a mess as most of the power infrastructure were handed over to those who have no capacity to manage them hence the eratic power supply we have now. The present govt might have its own issues about sound economic policies but i must say no foundation was built for the present government to build on so its like nigerian is just been nutured from the begining. Guys feel free to critise and add your own comments on how we found ourselves where we are today.Nigeria problem is structural.

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

todayboy:


so borrowing to pay salary is the definition of recession abi

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

Sibrah:
Stop typing long epistles . . . Even with $58pb extra earning the economy was already on a declind. Our system of regulating stable dollar rate was largely dependent on govt's ability to supple most of the dollar demand at a fair rate and this was influenced by petrodollar earning as oil price crash meant inadequate dollar supply. Demand and supply law kicked in and we saw a increase in price of a scarce item - Dollar.

paschu:
First, it's a BIG FAT lie to suggest that GEJ earned extra $58pb throughout his 5yrs of presidency.

Second, GEJ institutionalized the saving culture at national level - but the bunch of hawks (which we we now call APC) used our bogus constitution against the national saving scheme and went to the supreme court to force the fed to share excess earnings rather than saving it.

Third, sell oil at $25pb but with GEJ's team ensuring peace in critical economic hubs, ensuring there was no losss of pipelines, no losss of foreign direct investments, no formulation of dumb monetary and fiscal policies. I would assure you that the GDP and the ease of doing business will remain positive (even during slow periods and at times of downward trends).

Mind you, oil sector did not contribute up to 18% to GDP growth during GEJ era. And recession means three consecutive negative quarterly contration of the GDP in a year. So the then dwindling oil prices would not have driven the country into recession if GEJ and his team were still incharge. GEJ's team simply did not allow oil to drive the GDP growth. They decently had the economy diversified and majorly driven by the services sector. And this was why the system was too complex for the anti-capital and socialistic APC to grasp let alone manage.

todayboy:


so borrowing to pay salary is the definition of recession abi

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

Sibrah:
Stop talking like a kid. The APC vs PDP tone you are sounding is making you look like one.
1) I used the average figure of $108 for GEJ tenure.
2) APC didn't sparehead sharing of excess funds. All the governors supported it.
3) Oil didn't sell for $25pb during GEJ's time. Lowest was 40-something.
4) You are stating irrelevant facts.
5) Your irrelevant facts negate some of your arguement.
6) Your last paragraph prove age is just a number.

Babacele:
lols.....abegi we no dey depression ooo . the oil price fall is global and is hitting the OPEC nations more. please goggle it. We have been lucky to have a disciplined manager but needs to adjust some bit in his monetary policy- we need to spend our way out of this recession : jobs,loans, projects , farm business and exports with a fair judiciary and an anti corruption atmosphere . .....a lot of investment in agriculture and mining have actually taken place but not enough as we need more.
It would have been worse under one to whom stealing is not corruption. Tell me with the huge oil sales under him ,what did he achieve in 5 years? jobs, roads, health, food, electricity abi na wetin? let us call a spade a spade.

imhotep:

Babacele:
lols.....abegi we no dey depression ooo . the oil price fall is global and is hitting the OPEC nations more. please goggle it. We have been lucky to have a disciplined manager but needs to adjust some bit in his monetary policy- we need to spend our way out of this recession : jobs,loans, projects , farm business and exports with a fair judiciary and an anti corruption atmosphere . .....a lot of investment in agriculture and mining have actually taken place but not enough as we need more.
It would have been worse under one to whom stealing is not corruption. Tell me with the huge oil sales under him ,what did he achieve in 5 years? jobs, roads, health, food, electricity abi na wetin? let us call a spade a spade.

codedruns2:
Ask yourself how much is crude oil today $56 .
How much was it during OBJ ? (Less not discuss GEJ tenure.)

From 99 - 2013 oil was less than $30

Yet same period we paid off our Paris club debt of over $18b

Had massive employment as a result of soludo's consolidation policy.

Had more money at grassroots, local government due to OBJ policy of allocating money directly to LGA

Built a national stadium for all African games.

Build 2 gas powered stations at geragu, kogi ( obj tribalism killed those projects, was advised to build the stations in Bayelsa and Ogutta in imo state where there are already massive gas storage floating stations. he chose to build in kogi and ogun state, to be supplied with gas by pipeline from same stations in bayelsa and ogutta. We all knw the scores for pipeline vandalism in this country)

Increased minimum wage to 18k or so

In are in this deep recession not because of oil price to be fair, it's chiefly due to bad policies .

Restriction on hard currency. ; importers are struggling.
The few imported items are bought with dollars from black market. - of course the cost is passed down to the consumer.

Slow implementation of budget. - money is tied down. No nothing. Everything in the budget , big capital expenditures have not been green lighted , we are already in 2017.

2017 budget is still a mirage.

Ban and increase custom duties on everyday use items .
Nigeria will not overnight start to produce these items. You need to import machineries to manufacture these items, set up companies, build a manufacturing Base,
Factory setup.

No electricity even if a Nigerian company can manufacture some of these imported items they will still be exorbitant as they would have been produced with diesel powered generators.

soulpeppersoup:


No OPEC nation is in real recession. They are all in paper recession. Jobs are everywhere, food in abundance only that profit has declined. That is what they call recession there. But here no job, no food etc so our own to theirs is depression.

Have you ever ask yourself why do Nigeria always go into recession-depression when you hear we are fighting corruption?

Let me tell you.

Those with the money hid them. Any economy without money is dead. You can't save your way to the top, you invest your way to the top.

Lastly those call corrupt from shagari never talk the nation down, they all talked the nation up. What our leaders said of us, is what we are having.

They say we are broke, so are we. Unless they say otherwise, we will remain here.

todayboy:
we know the problem
thats why they vote Jonathan out
tell us what Buhari is doing about it
things is getting worse kids like you dey write non sense here

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

So you are saying we wouldn't have been in recession with nigeria been a mono economy for close to 16years.While would we rely solely on oil as our export earning. You might be right with the policy directions this present govt have taken but you disagree from the fact that if we had diversified and have dollars earnings from other sources the drop in oil prices wouldnt affect us much and again. The value of naira now in the parallel market is not the true value of the naira in actual fact as there are a lot of artificial scarcity from those who want the status quo to remain. There was no response from you on why we still import refined Petrol,diesel and kerosene.If previous govt built a new refinery and revamped the new ones we would not need to import as such the forex demand from oil importers would stop and would be needed for only importing items essential items we need.Also prices at the petrol station would be very low. Just try to be truthful to youself and reflect on my points.

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

doubleportion:


Maybe you may need to get your fact right,Okonjo Iweala had been borrowing to pay salary before handing over, so recession was handed over to this administration.

Histrings08:
I can't say Buh what I know is this, if we had voted for Gej instead of baba buhari, we'll be like buhari can do better... Buh there u av it

paschu:
In a nutshell, three policy blunders destroyed the economy of the nation. And PMB was DIRECTLY responsible for all the three blunders. And, nope, the drop in oil price was not part of it.

1. Failing to unite the country; and provoking the Niger Delta uneccessarily

PMB, without any due consultations, terminated the survilence contract that had been handled by ND youths for years now. (By the way I heard that he had reawarded the contract to a notherner). As if that was not enough he cut down the budget for the armnesty programe and threatened to terminate the program altogether.

Of course this was after dividing the country into 97% and 5%. Mind you, sane people from around the world (and even here on NL) warned the govenment about its economic suscide mission. But they were too sturbborn and arrogant to listen to the voice of wisdom.

In fact they actually bombed ND with impunity, forgeting that there can never be prosperity where there is no peace. By the time the ND youths were done avenging whatever, the oil production had been virtually grounded. The country's major source of forex had just crumbled. And that was for several months.


2. Instigating massive capital flight and demolishing investors' confidence

Trump had 90% of his team up prior to his inaugration. But PMB took nearly six monrhs (AFTER his inaugration) to setup what can be termed Nigeria's worst cabinet since 1999. He even called them "noise makers" before their assembly. This delay in setting up the country's executive team made foreig direct investors to start looking elsewhere.

And by the time the presidency started demonizing and threathening everyone, the foreign investors started flying away in droves.Now add this to the fact that up till now this government does not have a seasoned economic team nor direction. This shows why official inflation rate got shoot up by more than 100% in a little over 1 year. (You certainly do not want to hear the unofficial rate).

3. Erratic approach to foreign exchange terms and other related policies.

First the govt. woke up one morning and decided that folks could no longer withdraw or deposite forex over the counter, thereby creating massive panic, confusion and more erossion of investor confidence. In fact many companies were blocked from accessing their funds in forex. But the govt. suddenly reversed this policy after creating nedless confusion. Talk of trial and error.

Later the case of needful devaluation (or free floating) of the Naira came up. But the presidency vowed that it would never happen thereby sending the remaining investors away.

Of course the govt. later shifted their position (after doing the damage) and claimed that they had adopted a free float system. But guess what? It's all a lie. Naira is still being pegged, though no longer at N199. However the investors are not fooled. So they are still not here.

Plus, when the import dependent economy could no longer be fueled with the scarce forex, the cost of production soared and so did the inflation, thereby crippling the production and GDP generally. Yet, all the while, interest rates remained high and wages were either slashed or owed.

And, mind you, while most manufacturers and importers could not access forex at reasonable rates and were therefore closing down their shops, some religious and connected folks were getting the stuff from the govt. at some obscene and insanely subsidized rates.

That's how we got here in a nutshell.

In conclusion...

Of course there is no way the previous govetnment (of seasoned technocrats) could have made any of the above three mistakes. And mind you those three mistakes are not actually distinct from each other. One simply led to the other until they translated to the vicious circle they are now. Unfortunately folks like you keep taking the night for the day.

imhotep:
OP is still sound asleep.

naijaking1:


If GEJ had been in power, we'll be talking about the largest economy in the World in a few years. No, instead we have regressed to another African country in recession.

naijaking1:


Good job.
Unfortunately Buhari ba turenchi and his supporters like this poster also ba turenchi!
Let's try and make it simpler for them:

1. Staying more than 6 months without naming ministers is bad for the economy
2. Travelling to foreign countries to degrade your own country and calling them thieves and criminals chases investors, tourists, and people with money away from your country.
3. Chasing only political opponents in the name of fighting corruption is a recipe for economic disaster
4. Chasing Igbo people who control the economy is this country at the ground level is the nail Buhari has used to seal his own coffin, not that Igbos act in unison to fight back, but it's just simple reaction.
5. Military tendencies and abuse of DSS and EFCC powerss are not helping too.
6. Don't forget Buhari's open bias towards his religion, tribe, and sect. If you don't belong, then you have no reason to fully invest in this country.
7. Mediocre appointments all over the place, from the customs, to the ministers, , to the directors, his appointees don't know what they are doing, because they are not qualified in the first place
8. Mixing islamic radicalism, market economy, and politics never work anywhere in the World
9. Travelling overseas every time. He has traveled in 1 year more than what GEJ traveled in 6 years
10. Buhari by virtue of his lack of education is not qualified to led a modern, emerging, and complex country like Nigeria

hedonistic:


And I should automatically believe you because your name is 'double portion'? Double portion of stupidity or what? What is your source, or was it your pepper soup seller that told you that NOI borrowed money to pay salaries?

These idiots from the only part of the country are particularly annoying.

Diamby:
So you are saying we wouldn't have been in recession with nigeria been a mono economy for close to 16years.While would we rely solely on oil as our export earning. You might be right with the policy directions this present govt have taken but you disagree from the fact that if we had diversified and have dollars earnings from other sources the drop in oil prices wouldnt affect us much and again. The value of naira now in the parallel market is not the true value of the naira in actual fact as there are a lot of artificial scarcity from those who want the status quo to remain. There was no response from you on why we still import refined Petrol,diesel and kerosene.If previous govt built a new refinery and revamped the new ones we would not need to import as such the forex demand from oil importers would stop and would be needed for only importing items essential items we need.Also prices at the petrol station would be very low. Just try to be truthful to youself and reflect on my points.

todayboy:
assuming gej is still in power there will be no recession in the first place
Buhari incompetence and pride brought recession to Nigeria
op no need to debate join the tuface protest lets chase the dullard out of asorock