Bismark Rewane, renowned Nigerian economist, says President Muhammadu Buhari has only repaired the damage he did to the economy.
The Buhari administration has often listed Nigeria’s exit from its worst recession since 1987 as a key achievement.
It also celebrated exchange rate stability — after allowing the naira to devalue from N197/$1 to N360/$1 following a prolonged argument over the right policy direction.
The naira had dropped to as low as N520/$1 in the black market before the Central Bank of Nigeria (CBN) loosened its grip on the official peg of N197/$1.
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Speaking with Financial Times of London, Rewane used a football analogy to describe Buhari’s chest-thumping over the economic situation.
He described Buhari’s economic policy as repairing the damage he himself inflicted.
“He scored an own goal, equalised and then took credit for a draw,” he said.
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Rewane is the chief executive of Financial Derivatives, a consultancy based in Lagos.
8 comments
How Nigerians think is baffling? This is a leading Nigerian economist implying that mindless looting f an economy has no impact. It’s not the looting that destroyed it but the person who came after the looting. No wonder police in Nigeria arrests people for rescuing crime victims. I.e. it’s not the criminal at fault but the rescuer. Sad thinking.
Stop deceiving yourself Oga. Under Buhari, looting has continued. The main problem is lack of ideas and lack of ingenuity of your Oga Buhari.
Let’s us be objective help us to know where the looting taking place under buhari
Happy to assist with that: Maina, NHIS, Babchair former SFG, Ministry of Mines website, Social Intervention programme; Oga in every sector of the economy. About saying look at an economist, obviously you are not one, at the start of this administration, you could bank foreign currency, people were told to come and take their foreign currency, capital outflow was massive, the rest is history. Where are we on refineries and petroleum product. Just back from the market, do you know the real effect of the persisting fuel scarcity. Stop pushing an expired administration. Rawene was being generous in his comments.
God bless you banji. Some people are just blinded by senseless sentiment. They seem to forget after this deception then cones the reality.
your opinion is like most Nigerians’- ignorance!PMB came on board without any economic plan or blueprint,he had no cabinet for sven months.You expect something as dynamic as economy to be ok with such grand standing?
experts here analysed that what the grandstanding did to the economy waqs worse than what corruption has ever done to it! They also op[ine that capital flight is the real cause of damage to us as apeople-if all the looted funds are invested here there would be more jobs and a robust economy resulting therefrom!
Buhari hasn’t done much on capital flight. That’s the dagger that keeps the economy bleeding; no matter how much you earn, for as long as there are leaks of a country’ wealth flowing across its borders its currency would always struggle. The net outflows of Nigeria’s wealth against even the worthless imports are embarrassing and staggering.
Buhari is a huge disappointment, people.