One Year After: Where Is the Nigerian Economy Heading?

By Uzoma Ngozi

Nigeria’s overdependence on oil is one reality that President Buhari’s government has to grapple with if it will survive the crash in the global oil prices. The good news is that every challenge posed to this administration is a prospect for them to make a change, just as they promised during the presidential campaign.

However, it seems that this government has no clue on how to fix the economy. The incompetence of Buhari’s economic team is instantly apparent as the economic system is on the verge of collapsing; inflation is on the rise, purchasing power is very low, unemployment is high, the country is in gross darkness and it seems like Nigerians have already lost hope in this government.

The best word to depict an economic system led by Buhari and his team without a pattern is to refer to it as “Buharinomy.” To borrow the words of Prof. Utomi, Buhari is indeed operating an “archaic and medieval kind of economic system.”

Despite the pathetic situation of the economy, his economic team has been mum about the present state of affairs. And instead of the president to accept the responsibility of giving direction to the economy, he keeps blaming the immediate past administration for the present economic woes. He forgets the word of the German author Eckhart Tolle that says, “Discontent, blaming, complaining, self-pity cannot serve as a foundation for a good future, no matter how much effort you take.”

There is no basis to compare the Buharinomy and the economy of the past administration because the economic policies of the immediate past administration were direct and had a human face to it.

One technocrat that made a difference in the past administration was the former Minister of Finance and coordinating minister of the economy who helped in charting a cause for the economy. Although the administration had its own challenges, she put policies in place that helped cushion the hardship known to the ordinary man in the country.