Why Nigeria’s Economic Recovery Is Slowing Down

By Mazi Sam Ohuabunwa

Ordinarily there should be so much going for Nigeria’s economy. Production of crude oil at about 2 million barrels per day at a good price of about 70 dollars per barrel is yielding good foreign exchange for the Nation, helping to boost foreign reserves which today stand at about 47.25 Billion dollars. Inflation has continued to decline steadily over several months coming to the current level of 11.4% as the CBN and its MPC retain monetary policy index at a tight stance.

*President Buhari and Finance Minister Adeosun 

 Also some great effort is being made at the economic management level to pursue the Nigeria Economic Recovery and Growth   plan( NERGP). Additionally, some improved liquidity has been noticed in terms of funding Nigeria’s infrastructure projects, combining oil revenue,tax heist with a large dose of debt from sundry sources.

State Of The Nigerian Economy

By Nebo Ike
When the decisions of the apex court on the 2015 election petitions, in which the ruling party (PDP) got badly wounded was announced, an air of succor came to the party when Govs Wike of Rivers State, Darius Ishiaku of Taraba State, Dr. Okezie Ikpeazu of Abia State, Admiral Murtala Nyako (rtd) of Adamawa State, Udom Emmanuel of Akwa Ibom State, and Senator David Mark of Benue South retained their seats.

*President Buhari with VP Osinbajo and
Finance Minister Mrs. Kemi Adeosun

Just about the same time its spokesperson Chief Olisa Metuh regained his constitutional freedom. Following simultaneously was PDP NEC meeting that saw Senator Alli Modi Sheriff as chairman, confirming the speculation that the party is bouncing high. However, the state of the economy worried PDP Think-Tank more than the allegation that its new national chairman was an imposition.

Legislation is one of the enabling environments for the rule of law, order, investment and good governance to flourish in any economy. There is no dearth of such laws in Nigeria. However, the economy does not look like one that benefit from those laws. Rather there is extreme poverty, hard times in the land and lack of commensurate growth showed by the economy. There is always scarcity of basic commodities needed by average citizens like kerosene, food items, communal facilities (Good network of road, Health and Education). Why do we have government from independence to 2016 that failed to deliver these basic infrastructures when government is a continuation of each previous one?

The situation on ground shows that no value is being added by successive government from 1973 when a Naira exchanged for more than a dollar, to now when almost N400.00 fetch only a dollar. It is clear that the productive sectors of any economy expand or contract its Gross Domestic Product (GDP). The way successive governments have handled the economy gave rise to the present state where ghost workers syndrome has become a strangulating factor. Successful and buoyant economies are not a product of its GDP alone, but also as a result of legal protection of institutions and processes.