A report by Bloomberg has painted a gloomy picture for Nigeria as Africa’s most populated country continue to battle recession.
Figures released by the National Bureau of Statistics (NBS) on Wednesday, August 31, showed that Nigeria had officially gone into recession.
The NBS figures showed that in the Gross Domestic Product (GDP) for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent.
The country’s economy shrank by 0.36 percent to hit its lowest point in 25 years. The second quarter report makes Nigeria’s economy the worst in three decades.
An analyst at a leading information and advisory services firm for emerging markets – Frontier Strategy Group, Martina Bozadzhieva blames President Muhammadu Buhari for mishandling the economy.
The analyst noted that Nigeria was always going to suffer from a drop in oil prices, but blamed the Buhari’s government for what the expert called its “bungled response”.
Bozadzhieva listed three areas where President Buhari caused the recession. They are:
1. He took almost six months to form a cabinet
2. He approved the 2016 budget very late in May 3. He leaned on Central Bank of Nigeria governor, Godwin Emefiele to peg the naira which made inflation soar to an 11-year high and the naira has since plunged 40 percent against the dollar.
Meanwhile, the recession in Nigeria appears to have further stimulated more suicide cases across the nation a recent media report suggested.
In the last six months, seven out of the 36 states of the federation sampled, have recorded over 62 cases of suicides according to statistics from the various police commands.