NIGERIA’S MOST INFORMATIVE NEWSPAPER NO 16,547
MONDAY, 18 JULY, 2016
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Nigerian Tribune
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Nigerian Tribune
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The Nigerian economy:
Current issues and strategic options By Adeola Adenikinju THE Nigerian economy in the last few years has been going through some turbulence. A country that recorded an average GDP growth of 6.5 per cent, one of the highest in the world less than a decade ago, is now projected to grow at about 2.3 per cent in 2016. The implication is that per capita income growth may actually be negative with significant consequence on poverty, socio-economic welfare and employment. Not only GDP, other economic indicators have been on the southward trend with overall economic outlook generally negative. It was just one year ago that Nigerians were filled with hope and positive sentiments about the future with the inauguration of a new regime with promise of change. It is true that the current government cannot be blamed entirely for all the present socio-economic crises, some were
inherited like the effects of nauseating stories we are regularly regaled with about the massive looting of the economy under the past regime. Over the years, we had built an economic system that thrived on grafts and corruption. Some of the problems were exogenous, like the depressed world oil prices. However, blaming the past is not the solution and, increasingly, fewer people are buying the excuses of laying the blame for the present economic paralysis on the failures of the past regime. A government is elected to solve problems and improve the lives of its people. No excuse is good enough to justify non-performance. President Barack Obama, when he was elected in 2008, met the US economy on arguably its worst state since the Great Depression. Similarly, Prime Minister David Cameron of the UK inherited an economy that was almost prostrate. continues I pg17
How Lagos traditional ruler was kidnapped, shot wife recounts ordeal —P6
How security appointments were made —Presidency —P34
•Coup no longer acceptable —Buhari
—P4
Why NSA office paid me —Okupe •Accuses EFCC of leaking medical records—P32
Detention: Dasuki files N15bn suit against FG
•Demands release, public apology —P32
Chairman, African Union (AU) and President of Chad, Idriss Deby (right), with the president of Rwanda, Paul Kagame, holding their African passports, shortly after it was launched at the 27th AU Summit in Kigali, Rwanda, on Sunday.
Many feared dead in Ogun, Ibadan road accidents —Pp 7 & 34