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Peter Obi cries out as Nigeria slides into another recession

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Peter Obi, a former governor of Anambra state and former vice presidential candidate of the Peoples Democratic Party has lamented the current state of Nigeria as another recession sets in. Strong signs of this unfortunate situation had been perceived by economic analysts in view of the present day issues that have been left unattended.

Other countries as well Nigeria have had their fair share in the negative effect of the Covid-19 pandemic which subjected many nations to spend more money on fewer things. This was because of scarcity of certain commodities caused by lower productivity and diversion of key resources to healthcare and pandemic control.

Nigeria however experienced series of other issues ranging from increase in fuel price, ENDSARS protest which interrupted free transportation of food items and other daily business operations to Post-ENDSARS protest collateral damage. The deteriorating state of security in the country has also scared investors and reduced internal finance circulation as reports of kidnapping, armed robbery, Boko-Haram terrorist and bandit attacks persisted. Nigeria is now in a recession which is looking really terrible going by all the Economic statics being analyzed.

“Every other country is discussing the recession and how to pull their people out of poverty,” Obi said. “So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty.“If you see what happened with recent protests, you could see that we are heading into a problem.“And I want our energy to be concentrated in that problem. The politicians, the class where I belong, should do more seriously, across party lines, to be able to arrest the situation before it gets out of hand.“For me, it is in discussing how do we put food on people’s table? Elections will come and we can see how to select the best. But let’s deal with the recession we have just entered before 2023.”“The cost of governance is not acceptable.“There is too much waste. This recession is going to be worse than in 2016 because the monies we borrowed then were not properly invested,” Obi added.

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