– Nigeria has gone from a promised land for Nigerians and foreign investors alike to one of frustrated fortunes
– The country is experiencing its worst economic crisis ever
– The currency has collapsed and output is set to shrink this year for the first time since 1991
A report by Bloomberg has painted a gloomy picture for Nigeria as Africa’s most populated country continue to battle recession.
President Buhari is presiding over a battered economy
Figures released by the National Bureau of Statistics (NBS) on Wednesday, August 31, showed that Nigeria had officially gone into recession.
The NBS figures showed that in the Gross Domestic Product (GDP) for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent.
The country’s economy shrank by 0.36 percent to hit its lowest point in 25 years. The second quarter report makes Nigeria’s economy the worst in three decades.
Image credit: Bloomberg
An analyst at a leading information and advisory services firm for emerging markets – Frontier Strategy Group, Martina Bozadzhieva blames President Muhammadu Buhari for mishandling the economy.
READ ALSO: Recession: 8 oustanding economic experts Buhari should bring on board
The analyst noted that Nigeria was always going to suffer from a drop in oil prices, but blamed the Buhari’s government for what the expert called its “bungled response”.
Bozadzhieva listed three areas where President Buhari caused the recession. They are:
1. He took almost six months to form a cabinet
2. He approved the 2016 budget very late in May
3. He leaned on Central Bank of Nigeria governor, Godwin Emefiele to peg the naira which made inflation soar to an 11-year high and the naira has since plunged 40 percent against the dollar.
Meanwhile, the recession in Nigeria appears to have further stimulated more suicide cases across the nation a recent media report suggested.
In the last six months, seven out of the 36 states of the federation sampled, have recorded over 62 cases of suicides according to statistics from the various police commands.
READ ALSO: President Buhari is Nigeria’s MAJOR problem – Fayose
In a related development, Catholic Church Bishops in Nigeria have warned President Buhari not to fritter away the high hopes Nigerians had in him before his assumption of office.
The Bishops position was made in a statement issued at the end of their conference in Akure, Ondo state on Thursday, September 15.
The post 3 mistakes made by President Buhari that plunged Nigeria into recession appeared first on Nigeria News today & Breaking news | Read Naij.com 24/7.
from Nigeria News today & Breaking news | Read Naij.com 24/7 http://ift.tt/2cjttnL
via IFTTT
