ECONOMY: WHY RAIN IS BEATING US NOW-– Buhari

The inability of the previous government to plan and save for the future during the crude oil price boom is why Nigeria is presently going through economic turbulence, president Mohammadu Buhari said on Monday. He also said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.
The president spoke while receiving the Chief Global CEO of Unilever, Mr Paul Polman at the Presidential Villa, Abuja. He however assured better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement. ”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,” he said. President Buhari said Nigeria was paying the price for turning herself into a mono economy, but assured that the country would soon be able to feed herself, and even export, with the current emphasis placed on agriculture. He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria. “We want to create jobs, and supporting manufacturing is one way to do it.

As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” the President said. The Chief Global CEO of Unilever said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country. He added that Unilever had invested about N15 billion in Nigeria in the past 3 years. “Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here. “The situation to invest and continue to invest here is very encouraging,” Mr Polman said.