Proof That Buhari Alone Is To Blame For Nigeria's Recession, And The Way Forward
Just setting the records straight for reference purposes. This was a publication by the Ministry of Budget and National Planning on their website
http://www.nationalplanning.gov.ng/index.php/news-media/news/news-summary/333-nigeria-s-oil-sector-contribution-to-gdp-lowest-in-opec-blueprint
It can be seen from the publication that Oil accounted for only less than 18% of Nigeria's GDP between 2010 and 2014, when Nigeria recorded most of the high crude oil sales. in 2014 for instance, Oil accounted for barely 11% of Nigeria's GDP. This was the same time when Nigeria had the Biggest economy in Africa; which included Industries like telecoms, information technology, music, online sales, airlines, and film production.
This raises an important question that if oil accounted for a very insignificant part of our GDP, How then could Nigeria have gone into recession due to drop in Oil Revenue?
Since Buhari assumed office in May 2015, there has been a consistent decline in Business and Investment, he has been unable to develop a clear policy direction for his administration. His incompetency, Rushed TSA Implementation, unguarded statements about the economy and against sections of the country which unduly heated up the polity, Stiff Forex policy and Lack of a clear policy direction eroded investor confidence and caused agitation in the Niger Delta Region.
These are the factors which drove Nigeria to a recession. Lets be very clear with this fact and find a way to move this country forward.
One thing is clear, if Buhari does not honestly take responsibility for the mess and seek solutions which include everyone, He may not be able to champion Nigeria out of the mess because Government only succeeds when the stakeholders and people have confidence in it.
God Bless Nigeria
Just setting the records straight for reference purposes. This was a publication by the Ministry of Budget and National Planning on their website
http://www.nationalplanning.gov.ng/index.php/news-media/news/news-summary/333-nigeria-s-oil-sector-contribution-to-gdp-lowest-in-opec-blueprint
It can be seen from the publication that Oil accounted for only less than 18% of Nigeria's GDP between 2010 and 2014, when Nigeria recorded most of the high crude oil sales. in 2014 for instance, Oil accounted for barely 11% of Nigeria's GDP. This was the same time when Nigeria had the Biggest economy in Africa; which included Industries like telecoms, information technology, music, online sales, airlines, and film production.
This raises an important question that if oil accounted for a very insignificant part of our GDP, How then could Nigeria have gone into recession due to drop in Oil Revenue?
Since Buhari assumed office in May 2015, there has been a consistent decline in Business and Investment, he has been unable to develop a clear policy direction for his administration. His incompetency, Rushed TSA Implementation, unguarded statements about the economy and against sections of the country which unduly heated up the polity, Stiff Forex policy and Lack of a clear policy direction eroded investor confidence and caused agitation in the Niger Delta Region.
These are the factors which drove Nigeria to a recession. Lets be very clear with this fact and find a way to move this country forward.
One thing is clear, if Buhari does not honestly take responsibility for the mess and seek solutions which include everyone, He may not be able to champion Nigeria out of the mess because Government only succeeds when the stakeholders and people have confidence in it.
God Bless Nigeria
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