Financial Times of London says President Muhammadu Buhari has practically done nothing to grow Nigeria’s economy, stating that the country has let a crisis go to waste.
In an article written by David Pilling, its Africa editor, the newspaper said the economy will grow in 2017, just like a dead cat will bounce if thrown from a 50-storey building.
“The term ‘dead cat bounce’ derives from the fact that even a dead cat will bounce if it falls from a great height. If you imagine a dead cat soaked in crude oil and dropped from a 50-storey building, you get a rough picture of how Nigeria’s economy is performing these days.
“Nigeria is expected to grow 2.5 per cent this year after contracting 1.6 per cent in 2016. But the population is also growing at 2.5 per cent. So in per capita terms, things are going nowhere.
“The reasons for the “recovery” are twofold. First, last year’s performance was so dismal it would have been difficult for the economy to fall further. Without doing anything at all — a reasonable description of policy under Muhammadu Buhari, the country’s ailing leader and frequent London resident — the baseline effect has worked its magic. Second, the oil that makes up so much of government revenues is flowing faster. In June, production was 1.7m barrels a day, 10 per cent higher than a year ago.”
FT said Nigeria’s power house has not heard of the advice that “one should, they say, never let a crisis go to waste”, further stating that Nigeria has let its recession go to waste and will return to business as usual as oil prices recover.
The newspaper acknoledges that Nigeria has among “the sharpest, most driven and entrepreneurial” people on the African continent.
Pilling added that Buhari “has spent much of the past year convalescing from a mystery illness that has sapped his presidency of vigour and set off a merry-go-round of political jockeying to succeed him. There has been practically nothing in the way of coherent economic policy”.
In all of these, FT adds that Acting President Yemi Osinbajo is “competent and dynamic” to run Nigeria, and has been doing just that.
TheCable
We have forever lived in denial. Before the PMB became president, most of us fualted his candidacy on the account of his health and age, but we were called names. The man in 2011 said he was done with politics, but greedy politicians will not allow him be. Now that they have dragged him into the complex called Nigeria, what are we witnessing today.The man has a good heart and well intended, but good intention is not the same as ability to perform. Now Nigeria is not getting the best from him and we are the ultimate losers while the cabal are having a field day. My candid opinion for PMB is that if he trully loves Nigeria, he should honourably resign and take care of his health so that he can live longer for us. He can still be more useful for us, but definitely not to carry the pressure of a complex Nigeria.
There is no one with a name depicting obedience to the only One Lord who ever did anything good for mankind it seems. A true and sincere Muslim educated on the Sunna fully knows that there is no way Bukhari or any leader denying the Supremacy of Allah that demands total obedience to the Shari’a could lead his empire to prosperity. It is ignorance prejudice and illiteracy that denies the success of the Islamic state alleviating the sufferings of its citizens. Was there ever a recession from Hijra to the death of Ali bn Abi Talib in the then Islamic State? What of that historical moment between 99-101 A.H. when in the then Muslim State there was not a single believer who accepted the annual due for the poor.
As the Muslims are ignorant and never accept their ignorance they keep on allowing Bukhari to be accused for something he never says he can do or will do. Where in the history of civilization from the Great Flood to the time when Abu Sufyan came to the Holy Apostle asking him to beseech Allah to lift the famine in Makka in the manner Prophet Joseph removed famine in Egypt. Where was Potiphar and only Prophet Yusuf able to do that? Who was Abu Sufyan and what did he stress? Was there a difference between Potiphar and Abu Sufyan? If only Joseph could do that and also Muhammad what was their binding force? Let everyone know that the solution is available that is denied. So let Pastor Professor and the President to back to study his rubrics for Muhammad will never deny any common good from the only One Lord. In Coranthians the Kingdom of God is not word but power.