By Friday Aruku Odey
For clarity see below. Also to keep this discuss simple, few statistical data will be used. You can reference any information for accurate figures on your own.
RESESSION: Is a period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quaters. Recession is also associated with high unemployment and high inflation.
The YOUTH UNEMPLOYMENT and REGULAR UNEMPLOYMENT is characteristic in Nigeria right now.
DEPRESSION: Economic depression is total slow down of economic activities for a long time aggravated by drastic monetary policies that affect commerce, finance and industries.
This is not the case in Nigeria.
Nigeria is a driving IMP0RT economy. Not to fall into RESESSION, Nigeria must maintain a favourable trade balances between EXPORT, IMP0RT and adjustment made in other economic areas.
Nigeria is a driving import economy. The oil is Nigeria major VITAL EXPORT driven commodity revenue. In the proceeding quater, reported figure was favourable. On tuesday last week reported figure for the current quater was N22.6tn decline. Import was N1.269tn. Export was N1.454tn. Per the reported figures the comparative advantage was unfavourable.
For Nigeria to get out or resolve the recession problem faster, she must take care of the Niger delta insurgency crisis by dialogue so that activities in oil sector can resume. The destructive activities in the Niger Delta region is the reason why the nation is facing recession.
Lastly, all the capital flight looted money kept in foreign banks is responsible for the current economic problems in the nation. These were foreign funds gained from our exports (OIL) and other products. If those funds were accounted for and put into use on capital projects, jobs, the value of NAIRA would have been doing well.
The ECONOMY would have simulated way far back. The nation would not have been in this predicament. Since I was born, this is the most RECKCLESS people in power in the Whole wild WORLD ever known to have taken the nation for a ride. Now see where we are. The destruction was long done by 16 years of civilians unacceptable leadership where looting was the order of the day.
BLAME is not being apportioned. Let the TRUTH be told how we got into this MESS. ONE OF THE NATION WITH HIGH OIL PROCEEDS REVENUE PROFITS CAN NOT ACCOUNT FOR THE FUNDS ?
Please let no one ever BLAME President MB. HE HAS COME TO BE OUR SAVIOR and will help lead to rebuilding this great nation.
NIGERIA WILL OVER COME. WE CAN NOT ALLOW LOOTED CAPITAL FLIGHT FUNDS TO EVER HAPPEN AGAIN TILL DEATH DO US PART.