It is no longer news that Nigeria’s economy has shifted into overdrive.
The country has officially been in a recession for two weeks now and all the government has done for this long is debate and downplay the situation.
A number of experts have proffered pragmatic solutions to help Nigeria out of the recession but we’re not sure if any has been taken.
In this thread, SBM Intelligence, a strategic intelligence analysis firm outlines, in simple terms, the key issues that must be addressed by the Nigerian government to set the country on a pace that will lead us out of the quagmire of recession and helplessness that faces us:
2/ The retreat called by @NGRPresident on the economy is long overdue.
— SBM Intelligence (@sbmintelligence) September 16, 2016
3/ While #Nigeria may have run out of monetary ammunition to address the recession, there is much that it can still do on the fiscal front.
— SBM Intelligence (@sbmintelligence) September 16, 2016
4/ While monetary policies like floating the naira would stop us from digging the hole, a robust fiscal policy is how we will get out of it
— SBM Intelligence (@sbmintelligence) September 16, 2016
5/ We advise that @AsoRock rethink its ban on imported goods.
— SBM Intelligence (@sbmintelligence) September 16, 2016
6/ We also urge @AsoRock to rethink price controls around petrol which threaten to reintroduce the subsidy via the back-door.
— SBM Intelligence (@sbmintelligence) September 16, 2016
7/ It is important to get money back into the economy, without the commensurate inflationary tendencies it might bring.
— SBM Intelligence (@sbmintelligence) September 16, 2016
8/ A good way is to borrow for infrastructure spending and it is advisable we explore every available avenue for this.
— SBM Intelligence (@sbmintelligence) September 16, 2016
9/ On taxation, the key is to make it simpler, and improve coverage, rather than shutting down businesses with increasing tax burdens.
— SBM Intelligence (@sbmintelligence) September 16, 2016
10/ It is vital to get people and businesses spending, contractors working and investments returning.
— SBM Intelligence (@sbmintelligence) September 16, 2016
11/ This way, the massive job haemorrhaging can be reversed and people can be put back to work.
— SBM Intelligence (@sbmintelligence) September 16, 2016
12/ Following @bukolasaraki's statement on the economy, it is now clear that @NGRSenate can do little to help tackle the recession.
— SBM Intelligence (@sbmintelligence) September 16, 2016
13/ That @NGRSenate did not cut short their holiday when the recession was officially confirmed tells us a lot about their priorities.
— SBM Intelligence (@sbmintelligence) September 16, 2016
14/ The way @NGRSenate can help the country is simple: cut down on their extravagant bonuses & begin to address real problems.
— SBM Intelligence (@sbmintelligence) September 16, 2016
15/ We also call on @bukolasaraki to do one thing which is squarely within his purview – release the details of @nassnigeria's budget.
— SBM Intelligence (@sbmintelligence) September 16, 2016
16/ On the airport blackouts, our airports are a shame to #Nigeria. They represent everything wrong with #Nigeria and her leadership.
— SBM Intelligence (@sbmintelligence) September 16, 2016
17/ The constant embarrassment that our airports constitute does more to harm #Nigeria’s investment drive than many dare to acknowledge.
— SBM Intelligence (@sbmintelligence) September 16, 2016
18/ We believe that these airport fiascos require the highest level of intervention so that @fmanigeria will be brought to account.
— SBM Intelligence (@sbmintelligence) September 16, 2016
19/ Excuses like contractors cutting cables do not cut it. There should be contingencies for situations where there are such power cuts.
— SBM Intelligence (@sbmintelligence) September 16, 2016
20/ It is totally unacceptable to have power cuts lasting hours at the gateways to the nation.
— SBM Intelligence (@sbmintelligence) September 16, 2016
21/ On security, it was important that @HQNigerianArmy publicly played down the import of the latest #BokoHaram video & this has been done.
— SBM Intelligence (@sbmintelligence) September 16, 2016
22/ However, outside of the public glare, @HQNigerianArmy should take this #BokoHaram video with all seriousness.
— SBM Intelligence (@sbmintelligence) September 16, 2016
23/ Analysis of the video shows that #BokoHaram still holds some urban territory and command a significant following.
— SBM Intelligence (@sbmintelligence) September 16, 2016
24/ @HQNigerianArmy should be interested in finding out where this video was shot & which #Nigerian territory they may be holding.
— SBM Intelligence (@sbmintelligence) September 16, 2016
25/ @HQNigerianArmy also needs to ascertain #BokoHaram's current leadership, troop strength, logistics and ideology.
— SBM Intelligence (@sbmintelligence) September 16, 2016
26/ The group is in flux, the ongoing leadership crisis, putting each faction under pressure to score a “big hit” to enhance legitimacy.
— SBM Intelligence (@sbmintelligence) September 16, 2016
27/ This desperation represents a chance for @HQNigerianArmy to end the #BokoHaram menace once and for all. Godspeed in taking it guys!
— SBM Intelligence (@sbmintelligence) September 16, 2016
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