Nigeria’s Recession: Poor Diagnosis; Poorer Remedies

Nigeria is telling itself that it has plunged into yet another recession: The second in 3 years! The feckless government also kids its helpless citizens that the pains won’t last too long.
But the truth is that what Nigeria suffers is far from a recession but something infinitely worse. 
We have been through this road before and so we will cut through the chase and economic jargons. 
In a recession, there is a slow down of economic activities resulting in mass unemployment, business closures and no new investments. Most importantly, prices fall very sharply because the general public is not able to buy things because of a low purchasing power. Because companies are not able to sell their products, they won’t be needing most of their staff.
Normally, governments respond by removing nearly all forms of taxes, no tariffs on exports, interests on borrowing is lowered to almost zero percent or less, gush cash into the system to stimulate spending, etc.
The Nigeria weird scenario. 
While Nigeria displays all the painful symptoms of a recession (unemployment and failed businesses mostly ) inflation is paradoxically sky-high. Prices go up daily when they should be coming down. The Naira is without any real value. Companies who fled when Mohammadu Buhari became president have not returned. Worse still, crude oil (main source of income for the government ) sells at almost the production costs. The Big Oil companies have sold their stakes in Nigeria to locals and Chinese interests. Due to rampant corruption, NNPC is a drain pipe.
Thousands just roam the streets aimlessly as others take to violent crimes.   
Those who still have jobs don’t get paid and when they do, inflation eats the money. Most are in debt and blood pressures are high. 
Government’s response. Nigeria’s warped regime is using the opposite drugs for a condition even itself doesn’t understand. 
It is unwisely raising taxes and tarrifs, import duties are extortionate, interest rates are too high, companies are harassed out of life, its foolish central bank is “mopping up cash” as opposed to gushing it and sundry other punishing policies. 
In short, while citizens struggle to breathe, the government wants to make money in a way that looks like the people exist to serve the government. 
More painfully, Mr Buhari borrows and spends like a drunken sailor. 
Nigeria’s finance minister, Zainab Ahmed, sounds and acts like she needs basic lessons in primary grade economics. 
The entire government is run by very inefficient quarks. And the result is a nation in serious pains where nothing works. 
With 2021 and the “great reset ” looming, it can only be imagined how deplorable Nigeria’s condition would be.
One thing is clear though : Nigeria is not in a recession. The sickness is more deadly. If a nation can be in a coma, Nigeria is.

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