{"id":12846,"date":"2017-01-03T22:29:51","date_gmt":"2017-01-03T22:29:51","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=12846"},"modified":"2017-01-03T22:29:51","modified_gmt":"2017-01-03T22:29:51","slug":"okonjo-iweala-gives-reasons-for-nigerias-economic-recession","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=12846","title":{"rendered":"Okonjo-Iweala gives reasons for Nigeria&#8217;s economic recession"},"content":{"rendered":"<p><code><a href=\"https:\/\/btclab.io\/?ref=Omafume\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/btclab.io\/banners\/320x100.gif\" width=\"615\" height=\"192\" \/><\/a><\/code><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p dir=\"ltr\">I still find it funny that most people<br \/>\ndon&#8217;t know why Nigeria economy<br \/>\nwent into recession, they love the<br \/>\nincompetent lies of Lai Mohammed<br \/>\nabout the past government ruining<br \/>\neverything. It&#8217;s also myopic to think<br \/>\nthat if Jonathan were to still be in<br \/>\npower, we would be worse off.<\/p>\n<p dir=\"ltr\">The truth about Nigeria&#8217;s recession<br \/>\nis this; it was caused by the<br \/>\npresident&#8217;s unguided rhetoric and<br \/>\nuncultured body language.<\/p>\n<p dir=\"ltr\">Firstly, there is nothing we are<br \/>\nbuying today that we weren&#8217;t buying<br \/>\n5 years ago, therefore it&#8217;s not our<br \/>\npurchase that put pressure on Naira<br \/>\nbut withdrawal of funds by foreign<br \/>\ninvestors.<\/p>\n<p dir=\"ltr\">After the election, the president<br \/>\ncreated instability with his unguided<br \/>\nstatements about how everyone is<br \/>\ncorrupt and how everyone is going to<br \/>\njail. The instability made foreign<br \/>\ninvestors to liquidate their<br \/>\ninvestment and change their money<br \/>\nto dollars.<\/p>\n<p dir=\"ltr\">In the process of trying to<br \/>\nflee, they were willing to buy dollars<br \/>\nat any price, which lead to high<br \/>\nexchange dollar rate.<\/p>\n<p dir=\"ltr\">Even though some of them were not<br \/>\nready to run away, but want their<br \/>\nmoney in dollars to save their<br \/>\ninvestments from devaluation, the<br \/>\npresident gave a bad signal by<br \/>\nbanning deposit of foreign currency<br \/>\ninto dormiciliary accounts. That was<br \/>\nenough for free market believers to<br \/>\nsee the draconian handwriting on<br \/>\nthe wall, that was the beginning of<br \/>\ndollar rush.<\/p>\n<p dir=\"ltr\">To make matters worse, the<br \/>\npresident came up with another<br \/>\noutrageous policy of rationing dollar<br \/>\nto certain sectors and blocking many<br \/>\nsectors out. That was the nail in the<br \/>\ncoffin which facilitated the<br \/>\nemergence of free FALL.<\/p>\n<p dir=\"ltr\">In the end, foreign investors took<br \/>\nover $80B out of the economy within<br \/>\na short period and everything went<br \/>\ndown to free fall.<\/p>\n<p dir=\"ltr\">To those who believe it will be worse<br \/>\nif Jonathan is still there, you are all<br \/>\nwrong. Policy continuity and political<br \/>\nstability will not let billions of<br \/>\ndollars leave our shores within such<br \/>\ntiny time frame. Even though the<br \/>\ngovernment might have income<br \/>\nshortage, the private sector will<br \/>\nweather the storm by their<br \/>\nconfidence in the market.<\/p>\n<p dir=\"ltr\">The fear of the unknown created by<br \/>\nPMB is responsible for the economic<br \/>\ndownturn not low oil price. Interest<br \/>\nrate in America is currently at 0.5%<br \/>\nwhile it is 12% in Nigeria. JP Morgan<br \/>\nChase will not mind borrowing $50<br \/>\nbillion from Feds at 0.5 and put in<br \/>\nNigeria for return of %2000 profit.<br \/>\nCiti bank will do the same, likewise<br \/>\nUS Bank Corp. Chase gave Buhari<br \/>\nwarning about the repercussions of<br \/>\nhis fixing policy before they pulled<br \/>\nout, but his illiterate cyber warriors<br \/>\nand misseducated e-soldiers said<br \/>\nJPMORGAN can go to hell, they no<br \/>\nlonger believe in economic metrics<br \/>\nsince their messiah is in charge.<\/p>\n<p dir=\"ltr\">Funny enough they are all suffering<br \/>\ntoday because of the stupid policy,<br \/>\nbut they find relief by blaming it on<br \/>\npast administration and Gucci<br \/>\nappetite of average Nigerians.<br \/>\nFor your information, if your<br \/>\npresident &#8220;continues&#8221; with his<br \/>\nunguided rhetoric, Naira will go<br \/>\ndown to N1000\/1 $. But we thank<br \/>\nGod, he is no longer talking.<a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/04\/Ngozi.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-8680\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/04\/Ngozi-300x251.jpg\" alt=\"Ngozi\" width=\"300\" height=\"251\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/04\/Ngozi-300x251.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/04\/Ngozi-768x644.jpg 768w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/04\/Ngozi.jpg 940w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p><a href=\"http:\/\/market.jumia.com.ng\/men-shoes\/?utm_source=pap&amp;utm_medium=aff&amp;utm_campaign=0bed9dec&amp;a_aid=Omafume&amp;a_bid=0bed9dec\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"\" src=\"\/\/kaymu.postaffiliatepro.com\/accounts\/default1\/a72f75b38\/0bed9dec.png\" alt=\"\" width=\"615\" height=\"264\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" src=\"http:\/\/kaymu.postaffiliatepro.com\/scripts\/a72f75i38?a_aid=Omafume&amp;a_bid=0bed9dec\" alt=\"\" width=\"1\" height=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I still find it funny that most people don&#8217;t know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It&#8217;s also myopic to think that if Jonathan were to still be in power, we would be worse off. The truth about Nigeria&#8217;s recession is [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":12847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[267,100,197],"class_list":["post-12846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dr-ngozi-okonjo-iweala","tag-lai-mohammed","tag-mohammadu-buhari"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2017\/01\/320x100-3.gif","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-3lc","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12846"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12846\/revisions"}],"predecessor-version":[{"id":12848,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12846\/revisions\/12848"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/12847"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12846"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}