The weakening of living conditions in the country gathered pace in the 8 years that was the Buhari administration’s rule. Whatever measure of economic health one picked ― inflation, unemployment, output growth etc ― the curve over the last decade has trended southward and the pace has been unnerving. Grisly as it turned out to […]
The weakening of living conditions in the country gathered pace in the 8 years that was the Buhari administration’s rule. Whatever measure of economic health one pickedthe curve over the last decade has trended southward and the pace has been unnerving. Grisly as it turned out to be, the “cash confiscation” programme of the central bank under Mr. Godwin Emefiele simply accelerated this process.
We did not save. As a then-Third World economy we did not invest in institutions, processes or activities that would increase future yield for entities working in the country. We happily embraced the illogic of the “Dutch Disease”, repatriating all the dollar earnings from our export of crude oil. Not only did we not think to invest the money in building our infrastructure for gas exploration, like we did with our gas, we simply flared it.
Even now, we tend to think of the due debt in financial terms . But decrepit infrastructure, and inadequate processes for the production of human capital that is fit for purposethese are even more burdensome straws that the camel that is the domestic economy has had to endure. Eventually, something has to giveour capacity to make these straws, or the camel’s ability to bear them.
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