In 2020 again, Nigeria is entering a second recession in the life of the same administration.
The open disagreement between the Nigerian Economic Summit Group and the Central Bank of Nigeria about both the policy thrust and trajectory of the Nigerian economy has laid bare the conundrum in Nigeria’s economic policy management since the Buhari administration came to power in 2015.
Given that the administration is in its sixth year in office, it can be easily concluded that on the score of improving the lives and livelihoods of citizens, the Buhari government has performed poorly, as the NESG has correctly stated. NESG’s concern, as well as that of other well-meaning groups is therefore appropriate.
The issues raised by NESG have been articulated in several reports, reviews and analyses of the Nigerian economy, both foreign and domestic. CBN’s developmental role, especially in terms of a long list of intervention funds, its conflicting policies in the financial market, and border closure, are some of the policies that may have been introduced with the best of intentions.
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