The figures are out, and Nigeria is officially in a state of recession. We are in the worst situation ever imagined. But I was proven right even though I will not gloat. I took a cursory look at the sectoral performance for Q2 and not surprisingly all I had said was proven right.
Oil and gas recorded a sub 20% decline, manufacturing suffered a worse fate and all old economy sectors declined terribly. But on the flip side, Agriculture, Trade and Services, and even Arts and Entertainment all performed so well, with Arts recording 10%
These figures further vindicates me. I had told Mr. president that the solution was not more oil but a strategic and incisive support for the sectors I have continually called the new economy. Another thing again is the fact that these sectors that are doing well are linked to the retail masses, thereby also vindicating another of my position that the retail masses hold the solution to this self-inflicted wahala.
These figures are generally dire and the opposition party has asked for the resignation of the President. Here we go again playing politics with our lives. How will this resignation solve the problem when the only known opposition party is comatose or dead. Just this evening over 100 of its stalwarts in Benin City reportedly decamped to the APC, a party superintending the continuous collapse of the economy.
We urgently need a bi partisan platform to help bring back this economy. This is no time for party games. This is now time for constructive engagement of all counter parties, otherwise we will be looking at an economic tsunami that will not only swallow the masses but will also destroy the so called elites who put us where we are today.
I am just making common sense.
Ripples Nigeria…without borders, without fears
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