Tuesday, September 06, 2016

I accidentally discovered a snapshot that captures the topsy-turvy state of things in the Nigerian economy. Now let me tell you a story.

Bad news in Nigeria currency, prices, and fuel.   Image seen today at the bottom of the homepage on PremiumTimes.
Time for a story:
February 2014, CBN Governor Sanusi was sacked by then-President Goodluck Jonathan.
Four months later, incoming CBN Governor Godwin Emefiele delivered an inspiring address about the things the Central Bank would focus on.   

By June 2015, Muhammadu Buhari was the new president of Nigeria and gossip had it that his body language (as a no-nonsense anti-corruption crusader) was already dissipating Nigeria's crooked thieves
Most people may have forgotten, but during the campaign Buhari pledged to do great things within the first 100 days - these were real promises, each section beginning with "I pledge to."  
Reality gave Nigerians a sound knock on the head! 
It was not until near year-end that this new President appointed Ministers, including himself as Minister of Petroleum, and only a few of the new ministers bothered to quickly communicate concrete plans and accomplishments. 

Here are some observed results: 
The naira in meltdown mode already by February 2016. 
Here on UpNaira, I attempted to explain Buharinomics as the work of a confused muslim. 
Confused Central Bank leadership especially if you revisit the objectives the same Emefiele laid out on assumption of office. 
Confusion in managing importation of fuel and prices despite (or because of?) the great attention given to that sector where the country's president and commander-in-chief was also the minister.   

In May 2016 when President Buhari clocked one year in Office, the Nigerian press took the initiative to review his performance and  generally he received a D for disappointment and an F on the economy.  The people on the street really complained - Nigerians are so funny - because prices have been going up like mad

I know you are sad and possibly hungry/tired, but don't be. 
There is hope,
as the United Nations' MDGs give way to SDGs with globally-agreed metrics and monitoring towards sustainable economic growth; 
and as the AfDB strives to develop Africa with a focus on feeding, powering with electricity, investing in industrialization and transnational infrastructure, and of course in the people and their capabilities; 
and with the possibilities that forever UpNaira $weet '16 individuals like you embody,
we shall overcome. 

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mlg said...

Encouraging last paragraph. I like.

t said...

...our help cometh...cometh from the Lord :)

Previously on UpNaira