Nelson A.Osuala[4 October 2016]
The Management of world bank having studied meticulously the present economic crisis across leading Nations of the world, seems to have narrowed down their blunt criticisms against Nigeria, the supposed Giant of Africa.
While reflecting on the global economic crisis, World bank seems to have greater fears for Nigeria being totally in doubt whether the Black man's Nation- the Giant Nigeria will actually survive the tide.
Her (world bank's) fears subsists in the fact that the failure and ill- concern of those in the corridors of power in Nigeria to Diversify the Economy even after much persuasion, warnings and advise from experts stands as an impediment to her economic growth. This rebellion and carefree attitude about a foreseen impending danger of dwindling into depression, is what to my mind gave the Management team the impetus to assert without mincing words that: Nigeria is not serious, daft and indolent not taking cognizance of the envisaged storm of depression ahead of her if nothing is done quickly!
According to our source, the World Bank has no doubt projected a bitter truth, which is that 'economic growth in Sub-Saharan Africa will fall below expectation in 2016.'
In the same vein, a report by Africa’s Pulse argued that "the bi-annual analysis of economic trends in the continent, growth is expected to be 1.6percent in 2016 — lower than the 2.4 per cent forecast of the world bank in June."
From the foregoing, World bank informed that 'African countries including Nigeria which depend on commodities are not serious with the diversification of their economies.'
World bank further contends that,
"Shocks from collapsed commodity prices and tighter financial conditions, exacerbated by domestic pressures arising from policy uncertainties, adverse weather conditions, and political and security concerns, have continued to weigh on activity in the region,”
The projected slip in growth is nearly half of the 3per cent growth recorded in 2015 and the uninspiring economic fortunes of Nigeria and South Africa, the continent’s largest economies, is said to be largely responsible for the slowed growth.
In the midst of the gloomy outlook, a turnaround and appreciable progress is expected in the coming year.
By 2017, a 2.9 per cent growth is estimated and a further upsurge is expected in 2018 as African economies will expand by 3.6per cent says the report.
According to the growth performance ratio per country – the economies of Nigeria, Botswana, South Africa, Chad, Madagascar, Angola, Liberia Sierra Leone, Cape Verde and The Gambia – are performing badly.
Only four African economies — Tanzania, Ethiopia, Burundi, Mozambique — are deemed well-performing.
Credit to The Sun.
Assoc. Editors Reactions : It is popularly said that a word is enough for the wise. In the same vein , "Let those who have ears in Nigeria Hear What World bank is Saying About the State of Our Nation" – (modified).
Nelson A.Osuala
Is a Blogger & the Associate Editor of Negroidhaven.org
(Negroidhaven)
