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WHICH WAY NIGERIA? TWO EX-CBN CHIEFS SPEAK OUT

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That Nigeria may indeed be passing through economic morass can no longer be contested; the fact that they are self contrived by thoughtless political leaders is even worse.  The impudence and barbaric mentality that accompanied these invidious acts are better imagined.  Now the backlash is even scarier.

Take a look at this: in the last one year, 20 Shipping firms are reported to have exited Nigeria!  The Shipping lines are Mitsui O.S.K line; Nippon Yusen Kasha, Evergreen line, Messina line, Hapag-Iloyd, Gold Star line (GSC), etc. From Jorn Madsen of Maersk supply line, he had this to say: “We are facing unprecedented market condition and regrettably we have to further adjust our crew pool”, meaning that retrenchment must follow!  As if a making a prophetic declaration, 3000 workers have, from available Dockworkers Union records, in Apapa, have been laid off by shipping companies owing to “lack of financing and poor import policies of Federal Government”.

To add insult to injury, two prominent ex-CBN Chiefs, Professor Charles Chukwumah Soludo and Alhaji Sanusi Lamido Sanusi, now Emir of Kano have expressed shock and regrets that the economy is plunging deeper into trouble with 50% reduction in per Capital Income and dwindling Gross Domestic Product (GDP).  They also disclosed the stark reality that inflation is now 16.48%.

In fact, the Emir of Kano came out strongly as reported by some national dailies that President Buhari should soft-pedal on some of his draconian policies with the Naira hovering around N410 to a Dollar.  How did the nation come to this bend?  One Charles Okafor, an Abuja based economists attempted to answer stating clearly that with policies like the Treasury Single Account (TSA) that had virtually crippled and rendered all MDAs impotent, what else do you expect?
  He also said the Government is too focused on pinning down “corruption suspects”, without corresponding attention to the economy.  The economists explained that it is wrong for Government to impose tight fiscal measures that has only produced instant dollar billionaires.  “Only those with access to forex can sit comfortably in their houses and clean out”, he said, to the detriment of majority of Nigerians.  Mr. Charles is of the opinion that these policies, coming at this time is like a throwback to the dark ages.  “Nigeria is not the exclusive property of one man, but as it is, that appears to be the case”, he warned.  He however cautioned that, unless something urgent happens, gloom is round the corner.



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