Former Minister for Finance Ngozi Okonjo Iweala recently gave some reasons why she thinks President Buhari has destroyed Nigeria's Economy.
She said
"I still find it funny that most peopledon't know why Nigeria economywent into recession, they love theincompetent lies of Lai Mohammed about the past government ruiningeverything. It's also myopic to think
that if Jonathan were to still be in
power, we would be worse off.The truth about Nigeria's recession
is this; it was caused by the
president's unguided rhetoric and
uncultured body language.Firstly, there is nothing we are
buying today that we weren't buying
5 years ago, therefore it's not our
purchase that put pressure on Naira
but withdrawal of funds by foreign
investors.After the election, the president
created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to
jail. The instability made foreign
investors to liquidate their
investment and change their money
to dollars.
In the process of trying to
flee, they were willing to buy dollars
at any price, which lead to high
exchange dollar rate.Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into domiciliary accounts. That was
enough for free market believers to
see the draconian handwriting on
the wall, that was the beginning of
dollar rush.To make matters worse, the
president came up with another
outrageous policy of rationing dollar
to certain sectors and blocking many
sectors out. That was the nail in the
coffin which facilitated the
emergence of free FALL.In the end, foreign investors took
over $80B out of the economy within
a short period and everything went
down to free fall.To those who believe it will be worse
if Jonathan is still there, you are all
wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such
tiny time frame.
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