Speaking at the end of a three-day fasting and prayer for the nation’s economic situation, the president of CAN, Reverend Samson Ayokunle, expressed hopes that the present situation would propel the government to take tough decisions to tackle the economic challenges.
Nigeria’s economy slid into recession after the nation’s Gross Domestic Product (GDP) contracted by 2.06% in the second quarter of 2016.
A report of the National Bureau of Statistics said that the decline had caused the Naira to get weaker while lower oil prices dragged the oil sector down.
The output shrunk by 0.36 in the first quarter.
During the quarter, nominal GDP was 2.73% higher at 23.48 million Naira at basic prices.
On how to scale through the difficult time, the President of CAN urged Nigerians to be hopeful and adopt a change attitude to work.
“The solution is not saying I will commit suicide or go into depression. It is not a time to be venting anger on the people around you. They are not the cause of your problem.
“The economic gloom is not in Nigeria alone. It is in Brazil and other lands of the world, but we want to kick it out of Nigeria.
“With concerted effort, we will all get there.
“People just want to work and while away time and not to really do the work.
“You cannot earn salary when you are not adding value. Our ideology of work must change,” he said.
Losing Millions Per Day
The Nigerian government has said it is doing its best to pump money into the economy.
The government’s promise is coming at a time that the nation’s revenue has continued to dip due to the drop in crude oil price and resurgence of militancy in the Niger Delta region.
President Buhari said in the U.S. on Friday that the nation loses millions of barrels per day due to militant activities at a time when every dollar the nation earns counts.
He blamed the attacks on corrupt politicians, whom he said recruited the militants.
“Those who stole Nigeria dry are not happy. They recruited the militants against us in the Niger Delta and began to sabotage oil infrastructure.
“We lose millions of barrels per day, at a time when every dollar we can earn, counts.
“It is a disgrace that a minimum of 27 states, out of 36 that we have in Nigeria, can’t pay salary,” he said.
On what led to Nigeria’s economic recession, President Buhari said: “We got into trouble as a country, because we did not save for the rainy day.
“For example, between 1999 and 2015, when we produced an average of 2.1 million barrels of oil per day, and oil prices stood at an average of $100 per barrel, we did not save, neither did we develop infrastructure. Suddenly, when we came in 2015, oil prices fell to about $30 per barrel,” he said while addressing Nigerians in the U.S.
According to President Buhari, his administration is working on a government structure that will effectively engage the skills and expertise of Nigerians in the diaspora.
He agreed that distinguished Nigerians in the diaspora had a role to play in Nigeria’s development, promising to provide a conducive environment for them to thrive.
“I assure you that we are trying to be systematic in the government to organise the government properly.
“When we do that, we will get the ministries to function and we will need quality people to come along and help it to move fast,” President Buhari told the gathering.