n Wednesday August 31, the National Bureau of Statistics (NBS) released official Gross Domestic Product (GDP) figures for the second quarter of 2016, confirming that the Nigerian economy is in recession.
During this recession, Nigeria will continue to descend into loss of jobs, a decline in real income, a slowdown in industrial production and manufacturing and a slump in consumer spending. Things generally will keep getting very difficult.
Among the several mistakes of the past and present administrations which may have led Nigeria to the present recession mess, eight major ‘sins’ stand out.
How did Nigeria get to this?
1. Failure to save for the rainy day- It is essential to point out that the failure to save, or better said, invest in the future, is one of the sins that brought recession to Nigeria. The immediate past administration, rather than save, reportedly spent $18 billion out of over $20 billion excess crude oil revenue handed over to it on inception, only to leave in that account about $2 billion.
Full details: https://www.ripplesnigeria.com/8-sins-led-nigeria-economic-mess-called-recession/