How Saraki and friends will plunge Nigeria into its next recession – By Mayowa Tijani

Posted on by

Dear Bukola Saraki, Senate President of the Federal Republic of Nigeria,

Just in case you have not got anyone real enough to tell you the truth, here it is — for free. The chamber you lead is on its way to plunging Nigeria into its second economic recession in three years, and here is how.

When Nigeria was officially announced to have got into an economic recession in August 2016, I ran a study on all economic recessions in the history of Nigeria and the United States of America. One thing was striking: the US has had more recessions on the average than Nigeria has. Nigeria has been through seven economic recessions in its 56-year history, and World Bank data show that the current economic recession is raising that tally to eight.

According to National Bureau of Economic Research (NBER), the private firm known for monitoring recessions in the United States, the world’s largest economy has been through recession, at least 49 times in 240 years. In context, US has had at least, one recession in 5 years, while Nigeria, on the average, records one in seven years.

This goes on to show that recessions are normal phenomena, even for the best economies in the world. But the reason for every recession must be well understood, and avoided for in years to come. When in period of boom, countries with foresight prepare for the days of bust. They save, they build, the invest in the kind of infrastructure and fiscal buffers that can keep them afloat when the rainy days come.

WHAT HISTORY TEACHES ABOUT NIGERIAN RECESSIONS

According to World Bank figures, Nigeria’s first economic recession is what everyone will call a pardonable recession; the nation experienced an economic crunch between 1966 and 1968, which was as a result of the tensions around the nation’s civil war which ran through 1967 to 1970.

After the war, which claimed between one to three million lives, Nigerians returned to their quarters, everyone knew the next thing for a nation as this was to build up itself from the relics of war. By 1970, the economy recorded growth of 25 percent – the highest in the country’s history throughout the 20th century. Within these period, oil prices declined by over 12 percent (1966 to 1970) yet the economy grew massively. A nation was riding on the wings of her industry and the brains of a teeming youth population.

From 1970 to 1973, oil prices soared from $3 per barrel to $11 per barrel on the global market. Petrodollar began weaning Nigeria off Agriculture. In 1975, oil prices dropped by a few cents, from $11 to $10.43, but Nigeria could not weather the storm, which was accompanied by some political undercurrents. The nation fell into its second recession.

Within 1978 and 1983, Nigeria was at the mercy of falling oil prices and political instability. The country therefore recorded five annual gross domestic product (GDP) decline. Some economist argue that the country plunged into a depression at the time.

From 1984 to 2016, Nigeria’s economic recessions had always been tied to one oil slump or the other. Once, there is an oil slump, a recession is just a few months away — with the exception of 2008, which was averted by the fiscal buffer built by the Olusegun Obasanjo administration. This is the story of Nigeria’s recession.

SARAKI’S STROLL INTO A RECESSION

With a clear history and vivid pattern of Nigerian recession, the easiest thing for Nigeria to do is to avoid wars, political instability and pray against an oil slump.

As a nation, we can be resolute in our resolve to avoid wars, we can be determined to avert political instabilities, but we have no control over oil prices on the international markets!

In view of this, and the lessons from 2016, Udo Udoma’s ministry of  budget and national planning worked with an oil benchmark of $42.5 per barrel in planning the 2017 budget. The ministry, in conjuction with the private sector went a step further to strategically craft an economic recovery and growth plan, with the view of recording economic growth in the territories of seven percent by 2020.

The ministry engrafted all  ministries, agencies and departments of government into a plan that seeks to move Nigeria away from its oil addiction, and redirect the country’s recession pattern. But Saraki and friends do not see the urgency of now.

The senate raised the 2017 oil benchmark from the prudent $42.5 by the Udoma’s ministry to $44.5. With an increase in US shale supply on the global market, there are fears that oil prices may fall below $44 before the end of 2017. This will drive the nation’s budget further into huge deficit territories.

As if that were not enough, while the nation was being distracted by the certificate scandal of one of Saraki’s closest “friend”, the senate also decided that the 2017 budget which was presented in December 2016, will not be passed until May — nearly six months after presentation.

Saraki and friends, who are also expected to be deliberating the speedy passage of Petroleum Industry Governance Bill (PIGB, anaspect of PIB) are busy debating the regalia of the customs boss, who is enacting a controversial law that makes life less desirable for the average Nigerian.

Need I speak about the laws to improve the ease of doing business in Nigeria? Since it does not “embarrass” him and his friends, it does not need the speed used in “dealing” with Ali Ndume, who was suspended for embarrasing Saraki and friends.

Here, there is no middle ground. If these senate does not help Nigeria with the kind of laws and urgency that can help us move away from oil, then we would, once again, be victims, strolling with eyes open into an oil-driven economic recession.

141 thoughts on “How Saraki and friends will plunge Nigeria into its next recession – By Mayowa Tijani”

  1. I appreciate, cause I found just what I was looking for. You’ve ended my four day long hunt! God Bless you man. Have a great day. Bye

  6. Добрый день господа!
    Заходите,здесь интересно! Форум https://forum.ru.net/ Веб форум
    От всей души Вам всех благ!

  14. It is appropriate time to make a few plans for the long run and it is time to be happy. I have learn this publish and if I could I desire to suggest you few interesting issues or advice. Maybe you could write subsequent articles relating to this article. I desire to learn even more things approximately it!

  17. One other thing to point out is that an online business administration training is designed for college students to be able to easily proceed to bachelors degree programs. The Ninety credit diploma meets the other bachelor college degree requirements then when you earn your associate of arts in BA online, you should have access to up to date technologies on this field. Some reasons why students want to get their associate degree in business is because they are interested in the field and want to obtain the general training necessary previous to jumping right bachelor diploma program. Thx for the tips you really provide in your blog.

  18. Hello! Quick question that’s entirely off topic. Do you know how to make your site mobile friendly? My web site looks weird when viewing from my apple iphone. I’m trying to find a theme or plugin that might be able to fix this issue. If you have any suggestions, please share. With thanks!

  19. Greetings! I’ve been following your website for some time now and finally got the bravery to go ahead and give you a shout out from Huffman Texas! Just wanted to tell you keep up the fantastic job!

  20. One important issue is that when you are searching for a student loan you may find that you’ll need a cosigner. There are many cases where this is correct because you should find that you do not use a past history of credit so the bank will require that you’ve got someone cosign the financing for you. Great post.

  22. I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.

  23. great post, very informative. I ponder why the other specialists of this sector don’t understand this. You must continue your writing. I am confident, you’ve a great readers’ base already!

  24. I have been surfing online greater than 3 hours today, but I never discovered any interesting article like yours. It?s lovely price enough for me. In my view, if all webmasters and bloggers made just right content material as you probably did, the web will probably be much more useful than ever before.

  35. I believe that avoiding prepared foods could be the first step for you to lose weight. They will often taste fine, but prepared foods currently have very little nutritional value, making you consume more simply to have enough strength to get through the day. If you’re constantly eating these foods, transitioning to whole grain products and other complex carbohydrates will aid you to have more vigor while eating less. Interesting blog post.

  36. The price of bitcoin fell during the second half of August, and is now worth around $26,000. In the year prior, it had surged by around 50% to reach $30,000. Cryptocurrencies had a particularly turbulent time in 2022, with the price of bitcoin dropping below $16,000. 2023 has generally proven more fruitful for investors, with Here we look at the process of buying Bitcoin, together with alternative ways of investing in cryptocurrency. This graph shows the conversion rate of 1 Bitcoin to 1 USD at the first of each month. As mentioned earlier, Bitcoin is not issued or backed by any banking entity or government around the world. While it is not considered a legal tender in most countries in the world, Bitcoin has been gaining in popularity, following which hundreds of other cryptocurrencies have been launched.
    https://www.artyejurang.com/bbs/board.php?bo_table=free&wr_id=30553
    Given these factors, forecasts suggest that Bitcoin (BTC) could experience substantial growth in 2024, potentially reaching unprecedented highs. However, the volatile nature of cryptocurrencies warrants caution, as external influences can precipitate unforeseen shifts. This sentiment holds true for memecoins like Shiba Budz (BUDZ) as well, whose value can be significantly swayed by social media trends and influencer endorsements. Ultimately, investors considering Bitcoin ETFs should consider the role a potentially risky asset should play in their wider portfolio, analysts said. \n \n \n ‘.concat(e.i18n.t(“search.voice.recognition_retry”),’\n

  37. Hey just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same results.

  38. Thanks for this wonderful article. One other thing is that almost all digital cameras arrive equipped with the zoom lens that permits more or less of that scene to generally be included through ‘zooming’ in and out. These kind of changes in {focus|focusing|concentration|target|the a**** length usually are reflected from the viewfinder and on significant display screen right on the back of the exact camera.

  39. Heya i am for the primary time here. I came across this board and I in finding It truly useful & it helped me out a lot. I am hoping to present one thing again and help others like you aided me.

  40. I have seen that intelligent real estate agents almost everywhere are Advertising. They are knowing that it’s more than just placing a sign in the front area. It’s really regarding building relationships with these retailers who one of these days will become buyers. So, after you give your time and effort to helping these sellers go it alone — the “Law regarding Reciprocity” kicks in. Great blog post.

  41. I beloved as much as you will receive carried out proper here. The caricature is attractive, your authored material stylish. nonetheless, you command get got an impatience over that you would like be turning in the following. in poor health no doubt come further earlier once more since exactly the same just about very often within case you defend this increase.

  42. Attractive section of content. I just stumbled upon your website and in accession capital to assert that I get actually enjoyed account your blog posts. Anyway I?ll be subscribing to your feeds and even I achievement you access consistently quickly.

  43. I’m not sure why but this web site is loading extremely slow for me. Is anyone else having this problem or is it a problem on my end? I’ll check back later on and see if the problem still exists.

  45. Hey there! This is kind of off topic but I need some advice from an established blog. Is it hard to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about creating my own but I’m not sure where to begin. Do you have any points or suggestions? Cheers

  50. Fomo is built into the very structure of the investing apps, which provide forums where users can swap stock tips. On eToro, stocks flash green and red like the lights of a Christmas tree, depending on how they are performing, as they would in a physical stock exchange. “The user experience of the apps makes you think, OK, everyone is buying this, so I should buy this,” Noor says. This fuels riskier, emotion-driven investment decisions. According to Streeter, “the more established investment platforms, like ours, don’t provide chat communities, which can fuel short-term trading behaviour”. Investing in crypto doesn’t have to be especially risky. By taking the proper steps to protect your digital currency, and making sure you don’t take on undue legal risks while investing, you can minimize the risk of losing it to hacking or scams.
    https://peatix.com/user/23196381/view
    Fukunaga, K., Yamashina, F., Takeuchi, Y., Yamauchi, C. & Takemura, A. Moonlight is a key entrainer of lunar clock in the brain of the tropical grouper with full moon preference. BMC Zool. 5, 11 (2020). r CryptoCurrency Moons price today is $ 0.136845 with a 24-hour trading volume of $ 13,033, market cap of $ 14.61M, and market dominance of 0.00%. The MOON price increased 0.67% in the last 24 hours. Subscribe to get a recap of the days posts & never miss the latest breaking news or exclusive content. The trading price of Moons, Reddit users’ native token, has surged by 67% in the last 24 hours after being listed on Crypto. This has sparked optimism among Reddit users, despite the token already being available on other exchanges. The inclusion of Moons on Crypto has the potential to attract millions of users from the cryptocurrency subreddit.

  52. Heya this is somewhat of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding skills so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

  53. Simply wish to say your article is as surprising. The clearness on your submit is just great and that i could assume you are an expert in this subject. Well along with your permission allow me to grasp your feed to stay updated with drawing close post. Thanks a million and please carry on the enjoyable work.

  54. hey there and thank you for your information – I’ve certainly picked up something new from right here. I did however expertise several technical points using this web site, as I experienced to reload the web site many times previous to I could get it to load correctly. I had been wondering if your hosting is OK? Not that I’m complaining, but slow loading instances times will often affect your placement in google and could damage your high quality score if advertising and marketing with Adwords. Anyway I am adding this RSS to my email and could look out for much more of your respective intriguing content. Make sure you update this again very soon.

  57. I think everything published was very logical. But, what about this? what if you were to write a killer post title? I mean, I don’t wish to tell you how to run your website, but what if you added a title that grabbed a person’s attention? I mean %BLOG_TITLE% is a little boring. You ought to peek at Yahoo’s home page and watch how they create post titles to grab viewers to open the links. You might try adding a video or a related pic or two to grab people interested about what you’ve written. In my opinion, it could bring your blog a little bit more interesting.

  58. Buzzbar disposable, live resin disposable flavors, The buzz bar vape is the best extract pen. Buy buzz bar disposable on our online shop now!

  59. Admiring the time and effort you put into your site and in depth information you present. It’s good to come across a blog every once in a while that isn’t the same out of date rehashed material. Wonderful read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.

  71. Do you mind if I quote a few of your posts as long as I provide credit and sources back to your website? My website is in the very same area of interest as yours and my visitors would certainly benefit from some of the information you present here. Please let me know if this okay with you. Regards!

  81. When I initially left a comment I appear to have clicked the -Notify me when new comments are added- checkbox and from now on every time a comment is added I receive four emails with the same comment. There has to be a way you are able to remove me from that service? Thanks a lot!

  93. obviously like your web site but you need to check the spelling on quite a few of your posts. A number of them are rife with spelling problems and I in finding it very troublesome to tell the truth however I will surely come back again.

  96. Please let me know if you’re looking for a article writer for your weblog. You have some really good articles and I think I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some material for your blog in exchange for a link back to mine. Please send me an email if interested. Regards!

  100. Magnificent beat ! I would like to apprentice while you amend your web site, how could i subscribe for a blog site? The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear concept

  104. Does your website have a contact page? I’m having problems locating it but, I’d like to send you an e-mail. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.

  105. Great blog right here! Additionally your website loads up fast! What host are you the usage of? Can I am getting your associate hyperlink in your host? I wish my website loaded up as quickly as yours lol

  108. I’m really inspired together with your writing abilities and also with the layout for your blog. Is that this a paid topic or did you customize it yourself? Anyway keep up the excellent high quality writing, it is uncommon to look a nice blog like this one nowadays..

  109. Howdy this is kind of of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding know-how so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!

  112. The bonus amount received will depend on the number of redemption points players collect during the relevant period and deposit amount when using the bonus code. Join PokerStars & Get Rs 100 Bonus PokerStars offers incredible deposit bonuses for all players making their first-ever real money deposit! Click here to learn more about all the great offers available right now. Though its origins are as a poker site, the PokerStars Casino has grown into a well-respected entity with an impressive game library powered by the likes of NetEnt and Pragmatic Play. The moment you start playing at PokerStars, you earn rewards via their six-tier PokerStars loyalty program. PokerStars has also invested heavily into their native casino app that stands right up there with DraftKings and Caesars. Though payout speeds can use be sluggish, we believe PokerStars Casino is a top place to play in New Jersey, Michigan, and Pennsylvania. 
    https://photoclub.canadiangeographic.ca/profile/21357492
    To get your hands on the non-progressive jackpot in Turkey Shoot, you are going to need to land 3 of the Turkey Shoot symbols on the game’s singular payline, whilst placing a maximum 3-coin bet. This should result in wins worth 15,000 coins coming your way. Welcome to Allsmartgames! Game was designed by John R. Newcomer. Software by Thomas N. Dreaux and Wayne P. Breivogel. Graphics by Chris L. Simmons and Jill Chittenden. The game has an animated front glass. Constructed with two panes of glass, with a vent on top, and an inlet on the bottom. The inside of front glass has feathers in it, that blow around via a fan. The inlet is controlled by a moving plastic valve via a pinball solenoid. The gun has a plunger and lights for effect when it is fired. It makes turkey gobble, gun, typematic type noises and sounds. The game was made in limited qualities.

  115. I was just searching for this info for some time. After six hours of continuous Googleing, finally I got it in your site. I wonder what is the lack of Google strategy that don’t rank this kind of informative sites in top of the list. Generally the top websites are full of garbage.

  118. Its such as you read my thoughts! You appear to know so much about this, like you wrote the ebook in it or something. I feel that you just can do with a few % to drive the message house a bit, however other than that, that is excellent blog. A great read. I will definitely be back.

  123. Hiya very cool website!! Man .. Beautiful .. Superb .. I will bookmark your web site and take the feeds also? I’m glad to search out numerous helpful information here in the put up, we’d like develop extra techniques on this regard, thanks for sharing. . . . . .

  130. Профессиональный сервисный центр по ремонту бытовой техники с выездом на дом.
    Мы предлагаем: сервисные центры по ремонту техники в краснодаре
    Наши мастера оперативно устранят неисправности вашего устройства в сервисе или с выездом на дом!

  137. I am a highly experienced SEO expert with over 12 years of experience in the digital marketing industry. I have a proven track record of helping businesses improve their search engine rankings and generate more traffic to their websites. I am an expert in all aspects of SEO, including keyword research, on-page optimization, off-page optimization, and technical SEO. I am also proficient in Google Analytics and other SEO tools. I am a results-oriented SEO professional who is passionate about helping businesses succeed. I am always up-to-date on the latest SEO trends and best practices.

Leave a Reply

Your email address will not be published. Required fields are marked *