Since the emergence of President Muhammadu Buhari as President of Nigeria in May 2015, there has been a steady decline in the economy of the country. Reports of downsizing, lay-offs and redundancy within the private and public sectors have become common place to such a worrisome dimension that the Federal Government was forced to make a queer appeal to corporations laying off staff not to continue. But that appeal didn’t move the Imo State Government from sacking about 3,000 civil servants in the States employ.
The future of Nigeria is grim. We cannot joke about it. There’s an army of unemployed people pouring into the labour market daily and scrambling for jobs that don’t exist. There’s no end to the entry of that unemployable workforce even in the next 10 years. We are in a precarious situation; really dire straits.
As at today, a dollar per barrel of oil, the mainstay of Nigeria’s economy, upon which our controversial 2016 budget is dependent, goes for $27 dollars. The budget itself estimates $38 dollar per barrel leaving us in deficit already, without even taking the first foot forward on implementation.
Iran and Kenya are preparing to flood the over-supplied market with oil from their countries. That will further push the price of oil downwards to something around $10 per barrel, if not less, given that both countries can afford to sell at bargain prices not being regulated by OPEC. So where does that leave Nigeria? How do we fund our budget?
To further compound our potpourri of catastrophic economic calamities, South Africa has intimated on boycotting Nigeria’s oil for Iran’s. Whether or not this is a counter economic-cum-political move against Nigeria’s action on MTN is not the issue. We will be faced with the consequences of losing a share of the market even at an abysmally low price. What could be worse?
Any right thinking mind will know that we are already in danger zones. This is not the time for political fundamentalism and ego-centric partisan conquests. But one of which we all are to fold our sleeves as Nigerians and forge a common front across bipartisan lines in order to save the country from sinking into multifaceted economic and political crises. Nobody needs a soothsayer to paint the graphic picture of the reality.
Today’s Nigeria shows no clear economic direction, blueprint or solution to the present crises. States are already battling with paying salaries of Civil servants. We are not talking about even funding social services and infrastructural projects. The Federal Government needs to ask for help especially from those who had a better management system for the economy rather than being preoccupied with victimising political opponents.
Those who think this piece is an appeal for soft landing should save us the rhetoric and provide the needed solutions. It’s time to stop the mediocre performance and start the thorough building process. Otherwise, we all risk sinking with the ship. If nothing is done and pronto, Nigeria is on her way to depression, not even recession. A word is enough.
Oraye St. Franklyn, a strategic communicator and good governance advocate, writes from Port Harcourt, Rivers State. He tweets from @RealOraye. He is also on Facebook.
The opinions expressed in this article are solely those of the author.
