I've always wondered why the country's economy is in this present state...although some will argue that we've depended so heavily on importation(which I kinda agreed to) likewise the past administration will be blamed as usual. But we've got to ask the present administration some questions which includes:
1. What happened to the Trillions of Naira recovered from TSA
2. It was all over the media that some certain amount of money was returned by looters, although the looters are not named. Why and how much have been recovered so far
3. It's a known fact that the country's oil production have gone down due to the incessant attacks on oil installations. I so much believe that other sectors also generate some certain percentage to the nation's revenue, what's the statistics and is the revenue generated from such sectors not that buoyant enough to cushion the hardships people face in the country?
4. We seem not to know the economic blueprint of this present administration, there seems not to be a policy in place or perhaps the policy was not well communicated.
5. I wish to know if the previous administration emptied the nations treasury to the extent that the present administration is so incapacitated to operate due to lack of funds.

Last thought: I felt the administration that ought to blame the predecessor most should be OBJ's administration. The country's economy was a serious mess when he took over the mantle of leadership, but the administration then set to work immediately without blaming anyone, debts were settled, things fell in place, standard of living improved compared to what it was between 1993 and 1999. There was robust external reserve as the country had some funds saved upon the completion of the tenure in 2007. We shouldn't forget also that there was serious agitation in the Niger Delta region that crippled oil production then, but still the economy was not like this...

In as much as I support ONE NIGERIA, I so much believe that the country needs to restructured cos we can't keep running things this way and expect reasonable changes.

GOD BLESS NIGERIA.

The answer lies with your President who believes the answer to every question is 'Paitin Kworupsion'

Instead of putting a fiscal policy to attract direct foreign investment and also encourage Nigerians in diaspora to flood Dollar into the country. The new Government was at first trying to change the colour of Naira as to render every billionaire bankrupt - that didn't work because many people used the three months window before his inauguration to change their physical cash to Dollars to avoid being hit like it happened in 1983/84.

When the President saw that his first option was outdated, he came up with protectionist theories and started playing on Naira/Dollar variables to the detriment of the Economy which was the last nail that drove out Foreign Investors em masse and crippled local and infant industries that needed raw materials sourced overseas.

With Nigeria's Foreign Exchange at $30 billion on 29th May, 2015, if there were favourable fiscal and monetary policies put in place after inauguration of President Buhari coupled with his highly rated political capital around the world, Nigeria was on a high pedestal to regain the losses of uncertainty created by 2015 Elections.

Instead of President Buhari appointing the members his cabinet and assembling economic team made-up of technocrats, he wasted more than six months compounding the much bartered uncertainty to an irrecoverable measure. Our Stock market lost 45% of its values under Buhari and when he did finally got his cabinet assembled, there were no movers and shakers to rally the lost ground. If you can remember, South African currency lost 20% of its value when President Zuma sacked the finance minister and there was no end in sight to its downward fall even with all the experiments until the main Boss was recalled and the Rand regained its value.

As at today, we were told that Nigerians abroad remitted $20 billion in one year for whatever purposes but I tell you, if the policies are right their remittance will be in the region of $50 billion put another $50 billion from FDI which would've kept the Naira afloat with slight depreciation.

Buhari is our problem, he would've been better given an Independent Institution incharge of ICPC, EFCC and CCB/CCT to manage for better Nigeria and not as a President of our great country.

The question you raised are very important ones, but pride won't let Nigerians ask it, because if they do it indirectly means they have failed by electing buhari and they don't want to be seen as failures .

Failure in itself is not a bad thing but failing to learn from your mistakes is evil to one's self.

.

Economy is run on trust.

Sure, there are other 1001 macroeconomic variables but they are driven by that single intangible variable - TRUST.

Investors do not have any confidence in this government. They don't have to mount the podium to announce it, they are simply speaking with their money.

Both the local and foreign investors do not trust the government.

The result is that the few investors still operating are doing maintenance just to maintain presence. They are not making any expansion plan. Some are reducing their future plans because of the bleak outlook. Some are massively downsizing their workforce because of redundancy.

There's no sense in investing in an economy where you won't be able to repatriate your profit. Those who have invested before are still battling with how to retrieve their trapped funds. While those who are yet to invest are waiting for a better opportunity. It makes no sense to invest in an economy where the government will call you a thief for making profit.

Local investors are not doing anything other than 'pray' for better days. Funds managers are disillusioned because investments are insanely risky. Banks are regulated, therefore they can't lend money above some thresholds; they have reserve ratios to contend with. And they also have huge exposure to oil and gas deals.

Government all over the world give directions to economic activities. The actual running of the economy is done by individuals and corporates. Where you have a government which has no single thing it want to achieve economically, you have a situation like we currently have.

All nations go through economic downturn, it is the capacity of the government to give directions to that distinguishes the smarties from the laggards.

The only policy direction of the current government is that all successful people are corrupt.

Nigeria and much of Africa is a waste of space and humanity.
I will borrow from Obama's quotes in reference to Russia



Nigeria is nothing but a rundown petrol station. She makes nothing but wants to consume everything.


If you want everything,at least, you should attempt to work for it.
Oil selling at $100 a barrel. Big deal.
Is that wealth?
Nothing to show for it as usual.

Apple or Samsung will make profits 10 times more than the entire Nigerian budget.

Malaysia and will make 2 times more, in export from palm oil or oil palm produce than the entire budget.

One local government area(county) in california makes more in growing oranges than the entire Nigerian national budget.

Nigerians can keep deluding themselves.

A world class almajiri illiterate is your president so don't expect miracles. He failed in 1983-85, he might fail again. Governance is a complex and complicated task that best brains should handle not conventional almajiri who failed to upgrade his educational status after more than 30years left govt and was nurturing ambition to come back. He ruined Nigeria by the costly mistake of keeping governance in motionless for more than six months, can you beat that? He finally buried it by his careless tribalistic nature

Nigeria isn't broke but its suffering from:

bad management

misplaced priorities

sophisticated corrupt practices

square pegs in round-hole scenarios in leadership positions
Deaf president

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