Reality finally set in for Nigeria’s economic managers on Wednesday, August 31, after living in self-denial about the country’s economic situation.
This follows a recent data released by the National Bureau of Statistics (NBS) which confirmed that the nation was officially in recession.
While experts have continually raised an alarm on Nigeria’s gradual economic downfall, government officials chose to stick to the word that the nation was “technically in recession”, even when all economic indices confirmed the ugly truth.
Buhari’s government moves to initiate romance with Nigerians, despite faced with the ugly reality of recession
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However, a report from NBS has shown that Nigeria is officially in a recession with Gross Domestic Product declining by -2.06% in the second quarter of 2016 on a year-on-year basis.
The report also showed that inflation has risen by 17.1% and the economy has contracted by 0.36% in the first quarter.
The sad economic numbers stem from a drop in crude oil output, activities of vandals, the plummeting price of the product in the global market, amongst other economic woes.
The naira has weakened considerably against the dollar and inflation has remained at double digits since the spring.
According to Godwin Emefiele, the Central Bank of Nigeria governor, should Nigeria’s present situation continue, the federal government might not be able to pay salaries of its workers with effect from October this year.
“Nigerians would be forced to pay general taxes which would not exclude petroleum products”, Emefiele added.
But in spite of these facts, the President Muhammadu Buhari-led government has continued to assure Nigerians that things will get better.
However, Nigerians are finding it hard to believe the assurance of the president as the nation continues to experience economic stagnation and inflation at the same time.
NAIJ.com takes a look at five times the Buhari’s government has tried to initiate romance with Nigerians, despite the nation being faced with the ugly reality of recession.
1. Buhari assures Nigerians of change at the commissioning commission some projects in Osun state
President Muhammadu Buhari has assured Nigerians that the promised change by his administration will come after much hard work, patience and perseverance.
Buhari’s government has moved to initiate romance with Nigerians, even with the ugly reality of recession.
Speaking at his at his one-day working visit to Ondo state, on Thursday, September 2, Buhari promised that his administration will do everything for possible to alleviate the sufferings of Nigerians, even as the nation is being faced with the ugly reality of recession.
He said: “During our campaigns, we promised our people positive and progressive change,” he said.
“But history has taught us that change does not come as easy as that. Change will come after much hard work, patience and perseverance.
“We promised that we shall do everything for our country and our people and this won’t be long in coming.”
2. Osinbajo says Buhari’s govt is working 24 hours every day to find a lasting solution to the present harsh economy
Vice president Yemi Osinbajo at the inauguration of the agricultural sector road map titled, ‘The Green Alternative: Agriculture Promotion Policy 2016 – 2020’, it Abuja, the nation’s capital, said “the present administration came into office to meet an economy essentially in meltdown.”
According to Osinbajo, Nigerians should not be in a rush with the present federal government of President Muhammadu Buhari, as it took over a bad economy from the former administration.
Osinbajo informed the citizens that the Buhari-led government was working 24 hours every day to find a lasting solution to the present harsh economy.
He said the administration of President Buhari has concluded that before the end of September, the Bank of Agriculture will begin giving out single digit interest loans to farmers in the country.
3. Presidency gives reasons why Nigeria should be calm despite recession
Hours after it was confirmed that Nigeria is officially in recession, the presidency came out to say there is no reason to panic as the citizens would soon have cause to be happy.
Reacting on behalf of the presidency, Adeyemi Dipeolu, the special adviser to President Muhammadu Buhari on economic matters, listed four reasons why Nigerians should be hopeful in the face of this crisis.
Dipeolu cited the growth been recorded in the agricultural and solid minerals sectors, manufacturing recovery, inflation falling and wrong prediction of International Monetary Fund (IMF), as the four reasons why Nigerians should be happy.
4. Buhari predicting Nigeria will be among top 100 countries in 2019
President Muhammadu Buhari said on Sunday, August 28, that Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019.
Buhari made the assertion in Nairobi, Kenya on Sunday, August 28 via a statement released by his aide on media and publicity, Mr Garba Shehu.
Buhari’s government has moved to initiate romance with Nigerians, even with the ugly reality of recession.
Speaking at a plenary session on “Dialogue with the Private Sector” at the sixth Tokyo International Conference for African Development (TICAD VI), President Buhari said his administration is implementing policies and measures to create right and enabling environment for business and investors in Nigeria.
Nigeria is currently ranked 169 out of 189 countries by the World Bank, according to the Bank’s 2016 Ease of Doing Business report.
5. Buhari moves to help small businesses grow
The administration of President Muhammadu Buhari, through the Ministry of Industry, Trade and Investment has set machineries in motion to assist Small and Medium Enterprises (SMEs) in Nigeria, with the introduction of the programme themed- ‘Business, Innovation and Growth, BIG Platform.
The trade ministry informed that there is enough assistance coming from the World Bank.
The ministry issued a statement on its website, seeking to grow SMEs in the country, along the lines of sales, in addition to creating jobs opportunities for the citizens.
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