, spoke with Business & Economy Editor, BASSEY UDO, on why Nigeria is facing a potential economic depression.
We planned to grow the economy by about 2 per cent this year. Now, everything has come to a halt. Nobody is producing. Everybody has locked down because of coronavirus pandemic. They do not seem to see any trouble coming. Everybody has gone underground. Everybody is doing their individual thing. The leadership is not there. My view is that we should prepare for the worst economically. This is not being a prophet of doom. This is real.
Even at that, the crude oil price has again fallen below the new price benchmark and is still going down. The government depends on crude oil for its revenue. The economy has not been diversified. Except one wants to be deceitful, one can say any other thing. But, I say what it is. PT: So, even with what the CBN and the private sector officials have been doing in the past few days, you do not even give the country any chance of surviving the crisis?: Well, there is nothing wrong if we try to do those emergency things. But, in terms of getting out of an economic depression, it’s more than that.
The best so far is the CBN initiative of N3.5 trillion stimulus package, most of which are going into lending from banks to small business owners. We are yet to see where the government is saying what it has for the children, the poor and the unemployed. But, I have always said that the country’s budgets are too low. This is the time to look into the need to increase our budget. Everything has been looking southward for a while. So it is not a bad point for the country to begin to think together on how to get out of this.: When one looks at some of the models that some of the other countries are using, for instance, the UK is spending about £330 billion. That’s a lot money.
Unfortunately, with this they now have a perfect reason not to convene a meeting to talk about some rational solutions on the way forward. The crisis is an opportunity to think deep and take this country out of this morass.
You are in a different frequency. Just make sure you don't get hooked by the Covid thing. Only then can you talk about recession or depression.
Which one is more serious than Covid 19?
You guys should help the citizens talk to the government, we have agreed to stay at home but no food for poor men to survive with, they should consider the citizens for once. I also need help I am staving. UBA 2107046116 you guys should help or you tell the government for us
and buhari caused it I guess.
If there is a word worse than depression that is what Nigeria will face
Not only Nigeria but the World.
What's their difference?
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StackPathWe ask God to make it easy for us. Even though this might be obvious, the only message from Nigerian Authorities is DOOM! DOOM!! and DOOM!!! Other nations have spelt out palliatives, solutions and have even started providing that Weldone ma pls ma you are scaring us be using other wards to discribe problems is too harsh pls
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