1) Plunging oil revenue as a result of
the crises in the Niger Delta which is
the location of the oil the economy is
heavily depended on
2) Weakened investors confidence in
the country/economy.
It is on record that barely two weeks
after being sworn in as president,
Buhari resurrected the Niger Delta
crises by bombing the region, cutting
the amnesty budget drastically and
terminating the oil pipeline given to
the ex-militants. The rush with which
those actions were taken tend to
suggest that public interest was the
last thing on the president’s mind. In
addition, Buhari went to America and
made it clear he would discriminate
against those who didn’t give him 97%
of their vote.
Whatever lies we chose to believe, we
must not forget that these reckless
ill-conceived actions of president
Buhari were hugely responsible for
the current crises in the Niger Delta
which has led to plunging oil revenue
blamed as one of the reasons for the
recession.
Weakened investors confidence: When
Buhari took over from GEJ, rather
than hit the ground running, he
abandoned not just the economy but
the entire country. He left the whole
country on autopilot. No government
in place, no minister, no economic
direction. No nothing! For over 6
months. Six whole months! Now tell
me, if you were an investor looking
for where to invest your money,
would you invest in such an
economy?? Would you??
After every election, investors
always wait for the new government
to reel out her economic policy to
enable them consider their chances of
getting favourable return should they
invest in such an economy. These
guys are businessmen, not some
bunch of “money miss road”.
