Finacial Times of London says
President Muhammadu Buhari has practically done nothing to grow Nigeria’s
economy, stating that the country has let a crisis go to waste.
In an article written by David Pilling, its Africa editor,
the newspaper said the economy will grow in 2017, just like a dead cat will
bounce if thrown from a 50-storey building.
“The term ‘dead cat bounce’
derives from the fact that even a dead cat will bounce if it falls from a great
height. If you imagine a dead cat soaked in crude oil and dropped from a
50-storey building, you get a rough picture of how Nigeria’s economy is
performing these days.
“Nigeria is expected to grow 2.5
per cent this year after contracting 1.6 per cent in 2016. But the population
is also growing at 2.5 per cent. So in per capita terms, things are going
nowhere.
“The reasons for the “recovery”
are twofold. First, last year’s performance was so dismal it would have been
difficult for the economy to fall further. Without doing anything at all — a
reasonable description of policy under Muhammadu Buhari, the country’s ailing
leader and frequent London resident — the baseline effect has worked its magic.
Second, the oil that makes up so much of government revenues is flowing faster.
In June, production was 1.7m barrels a day, 10 per cent higher than a year
ago.”
FT said Nigeria’s power house has
not heard of the advice that “one should, they say, never let a crisis go to
waste”, further stating that Nigeria has let its recession go to waste and will
return to business as usual as oil prices recover.
The newspaper acknoledges that
Nigeria has among “the sharpest, most driven and entrepreneurial” people on the
African continent.
Pilling added that Buhari “has
spent much of the past year convalescing from a mystery illness that has sapped
his presidency of vigour and set off a merry-go-round of political jockeying to
succeed him. There has been practically nothing in the way of coherent economic
policy”.
In all of these, FT adds that
Acting President Yemi Osinbajo is “competent and dynamic” to run Nigeria, and
has been doing just that.
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ReplyDeleteit seems u don't know wat growing economic means.
ReplyDeleteplz financial times go to d villages dat were revage by abject poverty years bak see how dy r doing now.
electricity has improved
agriculture has improved
n power now has moredan one million nig in it pay role.
no more leackages in govt coffers
small n medium industries r booming
we agree dat dere are chalanges.
Lai Muhammad na ya papa?
DeleteHehehe! Ask am jo!
ReplyDeletehahaha yes lai muhd na my papa, u na dino melaye b your pa
ReplyDeletelai nah dat guy papa lolxxxxx. people get mind sha, for all the suffering and hopelessness someone get mind to come here tell us all is well
ReplyDelete