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Buhari & Nigeria’s economic recession: matters arising


Does Muhammadu Buhari has the capacity to turn around the Nigerian economy? Buhari lacks the mental capacity to drive the process of Nigerian’s rebirth.

There is this anecdote in Igboland about the grasshopper and the bird called “Okpoko”, a mysterious bird reputed for its queer ways. 

Okpoko is a noisy predatory bird. 

She rarely catches her preys because her noisy approach always warns her victims in advance and they scamper for safety at her approach. But the grasshopper would not listen and scorned those who warned her. 

Regaling in her illusion that Okpoko would not come; the grasshopper was caught unawares despite the noisy approach of the Okpoko. 

In the end the grasshopper’s stubbornness and indisposition to hearken to wise counsel would cost her, her life. 

So today, one would always hear the Igbo say: “Ukpana Okpoko buuru; nti chiri ya” literally meaning “any grasshopper that falls prey to the Okpoko is irredeemably deaf and stubborn”. 

Nigeria is like the stubborn grasshopper. Even with the noisy approach of the Okpoko she does not sense any danger. 

Her leaders would never listen to informed warnings. 

I recall that in June this year, I warned that Nigerian’s economy was taking a dangerous turn for the worse. 

On that occasion, I had alerted Nigerians of the collapsing economy pointing out that sooner than we expected, the economy would go into recession.

I recall also that on that occasion, many apologists of this lame-duck Buhari government went to town to label me a prophet of doom; most calling for my head, some even went as far as suggesting that I have misdiagnosed Nigerian’s ailment and therefore offered the wrong therapies.

Interestingly, the Federal Government, after several ostrich evasion in admitting the obvious came out in August to admit that Nigeria’s economy has collapsed. 

Today the economy is officially in recession. 

Last Tuesday (August 30th 2016), the Nigerian Bureau of Statistics (NBS) confirmed that the Nigerian economy has gone into recession. 

According to the NBS, the economy contracted by 2% in the second quarter and unemployment is also on the rise. 

Many have lost their jobs in the formal sector as firms have cut staff or folded up altogether. 

This is no longer news. What is rather worrisome is the lethargy and ineptitude of this government in rising up to the challenge. 

Embarrassingly, Muhammadu Buhari and his co-travelers have repeatedly tried to justify their lack of vision and mission on the past PDP-led Federal Government. 

This escapist excuse has never, and will never be acceptable essentially because it is the kind of excuse a lousy and slothful man gives for failing to provide food for his family. 

The Bible clearly states that a man who cannot provide for his family is worse than an infidel (1Timothy 5:8). 

The federal government is the father of all Nigerians. 

If as the father, it fails to live up to its expectation but take refuge in an attitude of cold complicity and naïve excuses, it is worse than worse can be. 

Much as I would not absolve the past government of any wrong doing, it will be preposterous to blame it wholesale for the collapse of the Nigerian economy. 

The truth is that our economy has always been sick. 

We never cared and today a minor health disorder that could have been contained and nipped in the bud has been allowed to metastasize into a cancerous terminal illness. 

The road to the destruction of the Nigerian economy was constructed at the point we destroyed the regional structure we had at independence. 

You will recall that each region catered for itself; paid its workforce; built and maintained its institutions and infrastructure; and ensured its own internal security.

The regions never depended on the centre to discharge its responsibilities. 

The reality of their existence and responsibilities were enough motivations for them to look inwards and leverage on their comparative advantages. 

There was healthy competitions among the regions; each striving genuinely to out-do the other. 

Thus in the north one could talk about the groundnut pyramids; the west was famous for its cocoa production; the Midwest for its rubber and timber, the south-east for its coal and palm produce while the south-south was renowned for fishing, agriculture and lumbering.

At that time, agriculture constituted Nigeria’s major source of foreign exchange earnings. 

Even the discovery of oil in commercial quantities in Oloibiri in 1954 did not alter this status-quo.

However, the incursion of the military in 1966 ultimately set the stage for the birth of a unitary system of government in a country where the founding fathers had settled for cooperative federalism. 

And here I want to make certain clarifications. 

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