THE ECONOMY, STUPID (1)

BY

JOHN DANFULANI 

On 29th May 2015, PMB inherited the world's third fastest growing economy. CNN money and Michael Bloomberg reported that Nigeria's economic growth was next to China and Qatar. Similarly, reports of  the World Bank, IMF and other international financial institutions holds that, Nigeria's economy is the biggest in continental Africa. And with potentials of making it to the club of world's top 20 economies.

Within six months of PMB's administration, all these gains evaporated for lack of: sound economic policies; experienced economic management team;  and consistent inconsistencies in monetary policies. Today, the situation has graduated  from economic stagnation to a recession.

No special wisdom is needed to know that, PMB and his team lack the knowhow of immediate measures that will  stimulate growth and begin the process of "de-recessing" the economy. One is not an apostle of doom and negativity but, it's clear; the economy will very soon slip down cliff depression. Once it goes that bad,it will another 20yrs to get out of it.


With this situation at hand, instead of appointing more economic aides he is busy appointing media assistants. What can this horde of propagandists do other than spreading lies around?  Can these media "gurus" deny the fact that Dangote lost billions and now not among the world richest people? Can they deny CNN Money, Bloomberg reports, World Bank and IMF assessments, holding that the economy is hopeless? Can these loquacious platoon of talkers and writers deny that the Naira is the world's worst performing currency? Can they deny that Foreign Investors are pulling out their money due to policy inconsistencies?

PMB just appointed a Chief Economic Adviser. Is this not too little too late? Will PMB's inner cabinet and irredentist  team that is calling the shot permit the  advisor work without interference?  Will this cream around him even give him physical access to PMB? Chief Olusegun Obasanjo recently piqued; PMB is not good in economic and foreign affairs matters. By that, will he understand and appreciate the counsel his economic advisor will offer?