Sunday, October 2, 2016

16 YEARS OF RECESSION IN JAPAN VS. 6 MONTHS IN NIGERIA



Nigeria's presidential aide Femi Adesina has attempted to convince Nigerians not to focus so much on the recession but continue to have hope that the county will become better before 2019 election.When he was asked if he had a time frame of when the recession will end, he reminded the journalist that Japan is in recession for the past 16 years and they are not in any distress. What he forgot to mention is that Japan 's external reserve and asset is the highest in the world, Japan has a stable currency and booming economy which may not be growing but is bubbling. Nigeria on the other hand has diminishing external reserve tumbling value of exchange rate and declining production. At a point Femi again went back to campaign mode and told Nigerians that the fight against corruption will lead to recovery of some funds which will be ploughed back into the economy to jumpstart the growth. He forgets that this is over one and a half year after the election. It is either you have recovered money already  or you will never recover any money.. The problem is about poor productivity poor structure and faulty constitution according to many Nigerians. Femi should stop peddling a failed principle of recovering money and injecting into the economy.

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