The Nigeria Economic Metamorphosis

By Maxwell Adeyemi Adeleye
Unarguably, ever since the current administration in Abuja, the capital city of Nigeria got the insignia of power, the economy of the country has never remained the same. The economy which was hitherto on a state of semi-periphery has been retrogressing under the ruling All Progressives Congress (APC) despite the torrent of change and progressive developments promised to corner the votes of Nigerians during the March 28th Presidential election that ushered in Muhamadu Buhari as the country’s 15th President.
Today, the manufacturing firms are disquieting and dangerously frightening. Instead of the wrinkled firms to be reopening production, more companies are shutting down. Oil and Gas giants like Addax Petroleum, Chevron, Exxon Mobile and Shell etc have placed embargo on employment till further notice.
Small scale businesses and sales are falling due to lack of cash in circulation. There’s bankruptcy everywhere. States without crude oil and bumpy IGR are unable to pay workers salaries as at when due. Multinational Corporations such as Cadbury, Coca-Cola, Tom-tom, Guinness and insurance firms and auditing and tax consulting firms like Philips Consulting, KPMG, May and Bakers etc are retrenching on daily basis.
What Nigerians are anxiously expecting at present is reduction of fuel price due to the crash of crude oil in the international market from $96 to $48 per barrel; however, instead of such happening, queue is back to our filling stations, leading to oil marketers increasing the price of PMS from the official N87 to N97/N110.
The banking industry is internally bleeding at the moment. Treasury Single Account (TSA) initiated by Buhari has sent many bankers back to labour market. The industry has been down-sizing abysmally. As smaller Unity Bank PLC is, 320 of her employees have been sacked. Reports have it that Zenith Bank has sacked over 1000. Access Bank has sacked close to a thousand of her employees ditto, Skye and Heritage Banks PLC.
Also, Diamond Bank PLC has been sacking consistently since July without the knowledge of the media. According to some impeccable sources, over 300 have been given sacked letters in Diamond Bank within the last two months.
The capital market is currently wailing as Nigeria remained deleted from JP Morgan Index. According to Financial Times of London, stocks Investors have lost over two trillion naira under Buhari. As the economy bleeds, poverty, starvation and hunger takes over the grassroots. The Millennium Development Goals’ war against hunger and poverty is now gloomy.
Local investors who have invested heavily on rice plantation are presently in tears of disappointment in protest against the decision of President Buhari’s man in charge of the Nigeria Customs Service, Hamid Alli to lift the ban slammed on importation of rice by the previous administration. Today, trade has been liberalized in our country, apparently to please some foreign masters to the detriment of Nigerian farmers and investors, making our nation a dumping ground.
I urge Nigerians across party interest(s) to patriotically rise-up and demand explanation(s) from Buhari on why the nation of Nigeria rated on March 2015 by the World Bank and United Nations as the number one destination of investors in Africa is now missing amongst the first ten destinations of investors on the continent of Africa.
President Buhari should tell Nigerians why the Gross Domestic Products (GDP) of 6.5% handed over to him on May 29 crashes horrendously to 2.5% within five months. Nigerians want to know why the nation’s Excess Crude Oil Account (ECA) is now empty and why foreign reserve crashes by 21%.
Despite President’s Buhari’s gargantuan vow during the electioneering campaign to stabilize Nigeria currency, today, the value of naira is shamelessly falling in the international financial market. A dollar is now traded for N236 at parallel market while a pounds sterling goes for N333.
President Buhari urged Nigerians to wait for five months to know the people of impeccable character who would fix the failing economy of their country only to be blessed with same people who ruined the economy and emptied the patrimony.
Today, the dreaded Islamic fundamentalist group, Boko Haram has institutionalized killings and bombings in the Northern Nigeria. The hitherto peaceful Abuja is now a bomb den. Sorrowfully, all these are happening under the watchful eyes of a retired military officer.
Buhari who rode to political stardom under the catchphrase of integrity and for being a modest man and an epitome of virtues has been doing what are antithesis of modesty, integrity and positive change.
Nigerians were promised a war against sleaze but frankly and sincerely speaking, what we have today is war against opposition. Today, thieves who allegedly stole their states dry and used part of the stolen funds to oil the acclamation of Buhari are now being compensated with ministerial appointments. Those not made ministers are in National assembly making laws for our nation while some are silently dictating the tune of things in Abuja.
When asked to give account of his steadwarship when he was saddled with executive powers in his state, a member of Buhari’s clan claimed he doesn’t sign cheques, hence, he should be absorbed of corruption allegations slammed against him by his people.
brfAlso, a saint nominated by Buhari for Minister outrageously boasted that he built a house for himself with N3.2bn because he wasn’t comfortable living in the house his predecessor lives. Same saint also constructed 2km of roads with N2.350bn on a dry land without building a bridge.
On the other hand, opposition men and women who didn’t support the presidential aspiration of Buhari are presently being hounded and intimidated by security agencies. Buhari preached virtues but sadly, he has been practicing vices.
The much celebrated increment in power supply witnessed since June (thanks to Presidential Body Movement), has started derailing. Epileptic power supply is gradually retuning to Nigeria.
Sadly and most unfortunately, Instead of facing the reality on ground that that the economy of the nation of Nigeria is profusely bleeding and hemorrhaging, the ruling party and its supporters have been celebrating presidential itineraries,  oversea trips  and speeches as achievements using the already compromised media industry to coax, wheedle and camouflage Nigerians audaciously.
Adeleye writes from Magodo, Lagos
@maxwelladeleye on twitter