Buhari’s Antidote To Recession | Independent Newspapers Limited
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Buhari’s Antidote To Recession

Posted: Sep 19, 2016 at 5:35 am   /   by   /   comments (0)

For most Nigerians, the current crunching economic   situation in the country requires urgent steps to bring back the economy back on the path of growth and prosperity. This was, of course, the crux of the recent economic retreat that President Muhammadu Buhari had with his ministers and other economic experts at the Presidential Villa. For many economic analysts, this has become necessary to forestall the economy from further downward slide and total collapse in the interest of Nigerians who are suffering under the circumstance.

The retreat meant to brainstorm and fashion out a reviewed and sustainable economic structure capable of ending the current economic recession being experienced in the country is, for some experts, a good step to take at this time. Flagging off the retreat tagged, “Building Inter-Ministerial Synergy for Effective Planning and Budgeting in Nigeria”, President Buhari noted that the current recession requires out-of-the-box thinking to fashion out a new economic blue print to jumpstart the economy. For him, this will involve a “meaningful engagement with the private sector, to raise the level of private sector investment in the economy as a whole.”

Hitherto, the Buhari administration had come under criticism that it lacks a clear cut economic blueprint that could take Nigeria out of the woods.  Some observers and, indeed, most Nigerians have slammed the Buhari’s government of overly engaging in blame game rather than focusing on how to address the problems of the economy.

However, as it appears that the presidency have realised how urgent it is to do something drastic to save the economy,  economic analysts are rather optimistic that if the right steps are taken Nigeria’s economy would bounce back sooner than later. In fact for them, Nigeria is not the first country to go into recession, the United States of America, at the time President Barack Obama took office in 2008, was going through what could be considered its worst economic recession. Obama came in and without wasting so much time blaming the previous administration immediately  began to take necessary strategic steps, injected the necessary economic stimuli into relevant sections of the economy, especially the real sector, and today America is economically better for it. This can be the lot of Nigeria also.

Experts have said that beyond injection of necessary stimuli especially to the productive sector being suffocated by the recession as rightly indentified by the President, any economic structure that the president is coming up with that  does not recommend the right robust monetary and fiscal measures is like building a house without the right foundation in place. It would certainly collapse. However, in the coming weeks and months, Nigerians would keenly observe whether or not Buhari’s new economic structure would impact the economy.

By Magnus Ugwubujor