By: Economic & Finance Report
As a all around businessman, creator, publisher, founder and writer, columnist and to some degree analyst of the economy and finance (as I see fit); I tend to read articles about the economy, business, finance and real estate in other countries and continents. I currently read an article on Nigeria about its economic state. The article was in Bloomberg News, which covers much of Nigeria and Africa.
The article pretty much indicated that Nigeria was on “its knees”, and the economic state was crumbling drastically. Since we are an economic and financial blog site, I would like to throw my “2 sense/cents” if you will (no pun intended).
My thoughts on this matter is that I would tend to agree that many Nigerians are suffering because of how the economy has unfolded in the country; but I would disagree that President Buhari and his administration are the culprits in such an event. We must remember that there are other factors that have also contributed to this scenario (ex. corruption, depleting oil prices/revenue, sabotage of oil pipelines in the Niger Delta, high unemployment of the youth, Boko Haram’s terrorists acts in the Northeast of the country (which has now been subdued by the military) that barely had enough equipment in the beginning to take on Boko Haram, this just to name a few.)
All these factors played roles in recurring events. The Buhari Administration had to deal with this as well as other problems while coming into power; mind you they came into office with currency reserves diminished by more then 50%. This would be a tough task that any administration would have to alleviate. In 2008 the Obama Administration and Congress had similar scenarios as well, in all respect, when the US was in recession.
The Buhari Administration has only been in office for 1 year, and some progress has been made, but to give a small “snapshot” of the state of Nigeria is unfair, especially when the administration is in the beginning stages to restructure the economy as well as change the political culture and climate, when former politicians used to “rob the country clean of its financial resources” through “mind
boggling corruption schemes….
One year for any governance is not attainable in any condition, more time and strategic policies have to be instituted. President Buhari, his close advisors, and national policy experts will have to figure out more creative ways to boost the economic climate within the country. I believe they eventually will.
I say give them more time, just my humble opinion-SB
Bloomberg News Article Below:
http://www.bloomberg.com/news/articles/2016-05-30/lost-year-in-nigeria-under-buhari-leaves-economy-on-its-knees