An Inevitable Recession
- By solomon2day
- On 26/11/2020
- Comments (0)
- In Solomon's Column
Nigeria has experienced its second recession in the five years of the present administration's existence, as the economy continues to shrink right into the third quarter of the year.
Confronted with diminishing sources of revenue, Government now tinkers with the idea of making use of funds, local investors intend to collect in form of dividends from private companies.
Of worry, however, is the fact that Nigeria would soon resume the importation of refined crude oil from the Niger Republic, a non-oil producing country, while the $2 billion private sector-driven petroleum refinery sited in Mashi, Katsina State is facilitated by the Niger Republic, for obvious reasons. This refinery shall be ready by 2021.
The recession which has been described as the worst in the last 36 years, might have been partly caused by the self-serving interests of political office holders, rather than the interest of the people.
