Mr. President, You Do Need an Economic Team
- That we are facing challenges with the economy is no longer news. Oil prices have remained low and around $50 per barrel in the last couple of months. This situation is exacerbated by the drop in crude export capacity from about 2.2m barrels of crude per day to less than 1.7m barrels owing to the activities of militants in the Niger Delta. Exchange rates have refused to come under control as N500 per dollar stares us in the face. Recall that not too long ago, it was less than N200 per dollar. Inflation rate is chasing 20 per cent from single digits in not too distant past. Youth unemployment is now over 24 per cent, though some analysts believe the figure is much higher. Industry capacity utilisation is at its lowest ebb. GDP has continued to decline leaving leadership with no option than to announce officially, that we are in a recession. These are therefore not normal times. In normal times, the economy must be positioned at the front burner of government activities.