The Finacial Times of London has said that the Nigerian president, Muhammadu Buhari has done nothing for the country since he assumed office in 2015.
The UK media stated that Buhari who is currently in London on medical vacation has practically done nothing to grow Nigeria’s economy adding that the president has left the country in a crisis state.
The Financial Times in an article written by David Pilling, its Africa editor, stated that the Nigerian economy will grow in 2017, just like a dead cat will bounce if thrown from a 50-storey building.
The UK media noted: “The term ‘dead cat bounce’ derives from the fact that even a dead cat will bounce if it falls from a great height. If you imagine a dead cat soaked in crude oil and dropped from a 50-storey building, you get a rough picture of how Nigeria’s economy is performing these days.
“Nigeria is expected to grow 2.5% this year after contracting 1.6% in 2016. But the population is also growing at 2.5%. So in per capita terms, things are going nowhere. The reasons for the “recovery” are twofold.
“First, last year’s performance was so dismal it would have been difficult for the economy to fall further. Without doing anything at all — a reasonable description of policy under Buhari, the country’s ailing leader and frequent London resident — the baseline effect has worked its magic.
“Second, the oil that makes up so much of government revenues is flowing faster. In June, production was 1.7m barrels a day, 10% higher than a year ago.”
The Financial Times regarding the power situation in the country noted that Nigeria’s power house has not heard of the advice that “one should, they say, never let a crisis go to waste” adding that the nation has let its recession go to waste and will hence return to the oil business when the prices begin to boom.
The UK media however acknowledged the fact that Nigeria prides itself as one of “the sharpest, most driven and entrepreneurial” people on the African continent.
The Africa editor, Pilling further added that Buhari “has spent much of the past year convalescing from a mystery illness that has sapped his presidency of vigour and set off a merry-go-round of political jockeying to succeed him.
“There has been practically nothing in the way of coherent economic policy”. In all of these, FT adds that Acting President Osinbajo is “competent and dynamic” to run Nigeria, and has been doing just that.”
