Economy: Why the Rain is beating us, President Buhari explains

Speaking at the State House, Abuja on Monday, President Buhari states Nigeria is paying costly for ineptitude in the management of high revenue that accrued from oil, specifically over the past decade and for allowing the crumbling of critical infrastructure.

Rainy Days

The president said this while received Paul Polman, the Chief Global CEO of Unilever. He also added that his administration is working so hard to change the battered Nigerian economic structure by several years of mismanagement.

”We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains,” he said.

The President disclosed that Nigeria was paying the price for twisting herself into a mono economy. However, he assured that the country would in no distant time be able to feed itself and also embark on exportation with emphasis placed on agriculture. He promised that the Federal Government would hasten the implementation of strategies to simplify doing business and magnet more investors into Nigeria.

“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” the President said.