President Buhari battles with the Naira, crude oil and the Nigerian Economy.

- 2/26/2016

President Buhari: crude oil prices and the Nigerian Economy

President Buhari and the Nigerian economy recession
In a country where 95% of the economy's revenue is derived from crude oil, it is no big surprise that the global drop in oil prices would affect the country Nigeria in a drastic manner.
Over the years the Nigerian Economy has long been hampered by the long standing tradition of corruption.

From the start of his long anticipated tenure, President Buhari lived up to his reputation as an ant-corruption crusader by tackling corruption head on..

A lot of  curroption practices has long been cushioned and even sustained by relatively high and steady crude oil prices, as well as ceaseless international demand for the country's abundant crude oil.

But with the recent sharp drop in crude oil prices, Nigeria; a country already traumatized by years of questionable governance and crippling corrupt practices has found itself in a fix. A predicament made even worse by decades of mismanaged oil revenue.

But then came the peaceful elections,  easy handover and the election of  Muhammadu Buhari as the nations new President, and new hope seemed to pump into the veins of Nigeria's ailing economy.

He has handled the country in a way that has never been seen before in Nigeria 's history.

Good news; in many respects, it paid off.
But it is quickly becoming clear that "Rome wasn't built in four years, let alone a day.
Nigerian President Buhari and Nigerian economy
The President has managed to improve international relations and has succeeded in getting back a substantial amount of Nigeria's stolen funds; a clear indication that some form of positive progress is being made.

But Nigerians; both the skeptics and optimists amongst them, are altogether weary of hoping, and simply desire quick and sustainable results from their leader.

The recent fall of the Nigerian Naira against the USD is another issue facing President Buhari and the Nigerian people. The President's recent trip to Saudi Arabia and Qatar to push for a favourable resolution to oil prices amongst other matters, seems to be another good and strategic move . The bottom line being that it appears that the hardworking Nigerian President is making a lot of right moves. But the real question is this; Will all the right moves eventually pay off satisfactorily? Quite possibly Yes.
One of the key ways to achieve this, is to make the Nigerian economy more multi-faceted by developing other sectors of the economy.


Solutions for quick growth of the Nigerian economy

Here are some of the areas Nigeria can improve her economy and depend less on oil revenue.

  • Tourism
  • Agriculture
  • Solid minerals
  • Development of infrastructure to empower small and medium businesses.
  • Investing in the educational sector to develop quality human resources.
  • Continue to fight corruption until its impact on the country's economy becomes negligible.

As a consequence of the huge work needed to set the country on a growth course, the President's health has taken a blow and he spent several months in the UK getting treatment. An action that was frowned upon by many Nigerians at home and abroad.

 Nigeria is clearly a country blessed with incredible potential. But it will take more than the President to make the country great; it will take the Nigerian people as a whole, working together for one purpose—peace and prosperity for each and every Nigerian  man, woman and child.

You Might Also Like