OPINION: Recession not depression - Abdullahi Haruna Haruspice

Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. Technically, Nigeria is having a down turn in her economic fortunes. Why are we in this state in the first instance? Our combined actions and inactions brought us to this state of economic comatose.

Beyond all the cacophony of blames, what is the way out? Aren't you tired of repeating what we know is the obvious? We are in economic recession yes- does being in recession means the end of nationhood? Economic recession is a slide in the fortune of a country's income and not necessarily a doom's end. Just like nations ravaged by war, earthquake and other natural resources is economic recession.

Recession is when the tools of indices doesn't support your current realities. No economic team would increase the price of crude oil - that is a reality. No government can survive on import economy. We are in recession because of our age long laziness in all fronts.

How many states are into Mechanized farming before now? You want to be above recession yet you have no food to feed yourself? Banks are not creating wealth but usurping the functions of the central bank by serving as vault for government agencies. In other climes, banks create small businesses, in Nigeria, banks survive on government patronage. The introduction of the TSA has exposed the inffectual dexterity of our banks as lazy institutions. Show me a business that was created by any Bank and I will drop this post.

How can Nigeria's economy not suffer recession when a lawmaker is using N678m as running cost?
Narrowing the debate to inactions of the present government is akin to regurgitating same problems and no solutions.

You don't produce and you want to sell, you want to eat yet you refused to farm. You want to be amongst top world economies yet you produce nothing. Because oil money was at your dips, you puff and pontificate that you are Africa's largest economy. How did you arrived at being a large economy when even your toothpick is imported? We are a buying economy as almost all our essentials and consumables are imported.

We want to be a buoyant economy yet indulge in financial recklessness. How can a lawmaker be entitled to N678m as mere running cost in an economy that is on her knees? Multiply the number of lawmakers who are exposed to these monies and tell me how you expect to be a buoyant economy?

That airlines are packing up is a good omen for us to invest in our roads. Because we had access to free money, we abandoned the roads and fly on chattered flights. Necessity they say is the mother of all inventions, where we are today would afford us the opportunity to look inward for solutions of our problems.

Bailouts were given to states twice yet the states refused to pay salaries. What did we do? We stay put to blame the President for hunger in the land when twice he has come to the rescue of our states . We enrich our governors because we don't ask for accountability.

We are even the problems of ourselves. Charcoal fuel used for cooking is more expensive than kerosene because dollars has gone up. What is the relationship between firewood and dollars?

Nothing will change until we are ready to address our fundamental flaws. We need overhaul of our laws where things can be done differently. Until then we are a revolving people in a journey to nowhere.

Economically musing