Tuesday, September 6, 2016

Nigeria recession: 'I've never seen anything like this'


Nigeria continues in recession. No food. No job. Companies moving out from Nigeria. The current administration blames past administration for this mess.  Able Nigerians are fleeing the country to other African countries or overseas. Nigeria's recession shows no sign of recovery. I have never seen anything like this before.

The country was last in a recession, for less than a year, in 1991 but experienced a prolonged recession from 1982 until 1984. How long will this current recession last?

Nigeria is facing its worst economic crisis triggered by a slump in crude prices, naira devaluation and dollar shortages.

The NBS reported that Nigeria’s Gross Domestic Product contracted by 2.06 per cent, marking the first major recession in 29 years for Africa’s largest economy. Nigerians are suffering and the cost of living is on a daily rise. Nigeria's finance minister stressed that Nigeria should turn to industries other than oil to help pull itself out of recession "We have to grow our non-oil economy" she said.

Nigeria's President Buhari called on Nigerian youths to be upright as they have a critical role to play in uniting the nation.

“We are a nation of great human and natural resources, especially the youth. Please, sit down and reflect and remember what I said 30 years ago. We have no other nation like Nigeria. We must all remain and salvage it together”.

“I assure you we are going to get out of our economic doldrums. We are almost out of our insecurity problems and we are going to make Nigeria great again. We are going to be very proud of our country ‎once again and our resources will not be for nothing; we will continue to be”, he said.


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