“We are simply saying that we have a very credible plan for dealing with the challenges we are facing, which we’ve been very honest about…there is still a long way to go…diversifying and repositioning” will bear fruit..” Minister of Finance.
That the Nigerian economy is in a recession is no longer news. In fact, for some of us, it was predictable, even long before the Economic Management Team was aware that it was on the way. The International Monetary Fund, IMF, recently projected contraction of 1.8% for 2016. The Federal Government while not officially contesting the IMF estimates still clings to the faint hope that “the economy will show recovery in the third quarter of this year” (Mrs Adeosun).
One month of that quarter is over and there is no sign of recovery simply because there is no money to bring about a rebound. The statements quoted above raise the question: what is the outlook for the rest of 2016? Asking government officials is useless. They will be the last to forecast bad news. They prefer the unpleasant surprise first and they can offer excuses after for the failure.