Tuesday, June 28, 2016

Why the Rain is Beating Us Now - President Buhari Opens Up on Depleted Economy

The inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence, Buhari has revealed.
 
Speaking while receiving the Chief Global CEO of Unilever, Paul Polman at the Presidential Villa, Abuja on Monday, President Mohammadu Buhari said that the inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence.
 
The president added that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure. 
 
He however assured better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement. "We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,"he said.
 
President Buhari said Nigeria was paying the price for turning herself into a mono economy, but assured that the country would soon be able to feed herself, and even export, with the current emphasis placed on agriculture.
 
He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.
 
"We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials," the President said.

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