No government is popular in a biting recession and the Nigerian recession is proving to be no different.
I have lived through two recessions (in the UK) and currently living through a 3rd one (in both UK and Nigeria).
Recessions are caused by many things – but the harshest effects felt are normally a combination of historically bad government policies and the unwise lifestyles of citizens.
The last official UK recession in 2008 – the credit crunch – revealed that the hithertofore UK growth that had many people living champagne lifestyles, was resting on a shaky foundation of reckless bank lending. The economic prosperity citizens lived was fuelled by cheap credit.
Peeps were buying houses 10 times too expensive for them because of cheap loans. They were paying for expensive Independent (private) schools with their credit cards. Going on expensive holidays by taking out holiday loans. Eating out in expensive restaurants using credit cards to pay. Remortgaging their houses to buy expensive cars and boats etc.
It was a sweet bubble but when the crash hit, it was beyond a nightmare. Companies went bust as they could no longer get credit from their banks, they owed their suppliers, customers could not pay for their goods. Banks went bust. Manufacturers went kaput. Property developers and construction companies folded up. Restaurants closed down. The malls became ghost towns as shops closed. Millions lost their jobs, their homes, their cars, their dignity. Lines outside welfare offices soared.
Bankruptcy lawyers thrived. So did £1 shops. And gambling/betting shops.
The UK got through it. Eventually. Eighteen months of official recession. Possibly 3 years to actually recover. Tough government policies, harsh personal adjustments, many causalities along the way.
It is for the Nigerian government to restore the economy. This Nigerian recession is up to them to fix. It does not matter what was inherited, a government’s job is to fix the bad. President Buhari should restore the economy. That is HIS job. What he was elected to do. No excuses. Mistakes have been made by he and his team, so they should fix em and do whatever needs to be done.
It is painful but we the people must continue to make whatever adjustments we need to survive this harsh time. Because we must survive.
Things will get better.
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