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This CNBC Article on Nigeria’s Present Economic Situation is Scathing…

BellaNaija.com

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CNBC NigeriaYou may feel a bit blue after reading this CNBC article on Nigeria’s present economic situation and according to the experts spoken to, the near future does not seem much better…

“A Borderline Failed State”
Nigeria “is caught in a macro hurricane,” famed short seller James Chanos told the annual Sohn Investment Conference last week. With currency reserves running low, the country could have “a big problem” within a few years, he said. Calling the country “a borderline failed state,” Chanos added that he was shorting South African assets, in part because of their exposure to Nigeria.

Almost booted out of the MSCI Frontier Markets
In the year that Nigerians elected a new president, oil prices collapsed by at least 30 percent. This week, Nigeria’s stock market staged a relief rally after the closely watched MSCI Frontier Markets Index decided to keep the country in the benchmark, after warning last month that Nigeria was at risk of being booted from the index.

“Outlook remains Grim”
Still, the outlook for Africa’s largest economy remains grim. The extremist group Boko Haram has created significant political and security challenges for the embattled government of Muhammadu Buhari, and raise risks that could hit oil production.

“Nigeria is in trouble,” Steve Hanke, a professor of applied economics at Johns Hopkins, told CNBC in an interview. Amid double-digit inflation, Nigeria’s foreign reserves are dwindling as the government races to shore up a swooning currency, the Naira.

Click here to read the full article.

In our view, while the present situation is challenging, this report is overly pessimistic, we will love to hear your thoughts.

20 Comments

  1. Tosin

    May 11, 2016 at 7:37 am

    Nigeria is lucky, often gets miracles. We’re f-ed and by any educated person’s reasoning, the report is not overly pessimistic, BUT FOR the miracle factor. Keep going to church or mashalashi or shrine, folks.

    Basically, Buhari has a dream…but the world is not dreaming with him. Wish him Goodluck?

    • Bleed Blue

      May 11, 2016 at 9:30 am

      SAGE!

  2. Tru

    May 11, 2016 at 7:49 am

    It looks really bleak, but if our leaders are serious and dedicated, things can turn around. It is not a hopeless situation. Supposedly “failed” states still somehow manage to survive; there’s no reason Nigeria can’t thrive.

  3. Bee

    May 11, 2016 at 8:01 am

    Please! We(Government, citizens, whoever!) need to stop getting unnecessarily offended by these articles and work! Believe me, when our country is right, the scathing articles will stop coming. Picking of fence at every random article won’t stop them from being written. Mschew!

  4. Good luck left US fantastically corrupt

    May 11, 2016 at 8:19 am

    We must dig Nigeria out of this economic hole we are in,but the corrupt officials in public offices must be checked,we are now a laughing stock in the committee of nations.What a shame to be called fantastically corrupt country.

    • APC FAN

      May 11, 2016 at 9:14 am

      Good luck left US fantastically corrupt YOU ARE JOKE I SUPPOSE?

  5. Gbengio

    May 11, 2016 at 8:41 am

    ,,,and the UK is monarchically corrupt nation!!!

  6. Bodunade

    May 11, 2016 at 8:43 am

    We need to stop mocking God biko. Nigeria is this way because it’s unheard of to be in a position of privilege and not rape our coffers. From bank officials to public office holders ,story is the same, mindless looting and abuse of power . Nigeria is on the brink and will continue to be because all of it is beginning to come to a head . There is a system of things in place that has to be changed in order for us to make real progress but I don’t see that happening.
    This CNBC report is putting it mildly in my opinion, our current government is more interested in propaganda (meme government). Anything for praise on twitter and Facebook while nothing really changes on ground.
    Help yourself people and pray to God.

  7. Chinma Eke

    May 11, 2016 at 8:51 am

    We need to stop getting offended at others pointing out the obvious or stop pointing fingers at the reason why where we are.
    We are here now, the economy is in the gutters. What we should be focusing on is how do we get out of this mess, not who said what or who did what in the past.
    The suffering out here is REAL!!!! Forget what we see on social media, the masses are suffering; commodity prices are astronomical and rising daily, more than half the population haven’t bought fuel at pump price this year (and I hear the price is about to increase or has increased), jobs are not secure, there’s no power; we are in TROUBLE!!!!!!

    Again, how to get out of it is what we should be after, not who said what or did what to get us here.

  8. Hmm

    May 11, 2016 at 8:54 am

    If good luck/deziani/PDP pick your choice had remained in government then you could give us a few more years. Buhari has good intentions,( can’t say much about those he’s surrounded by, with special focus on Saraki) don’t know if he’s our Messiah or even if we want to be Messiahed but we as a people owe it to ourselves and our children and their children to demand for accountability. Our leaders need to stop stashing away money, European banks(UK, Cameron take note) need to stop keeping stolen funds and the recovered stashed money should be used to save our asses, surely those billions of dollars should worth some.

  9. nene+

    May 11, 2016 at 8:58 am

    @ goodluck left us fantastically corrupt. You are such a coward!!! What will cost you to call out on BUHARI, BABNGIDA,ABACHA,OBJ, ABDULSALAM, etc. Like seriously? GEJ left you fantastically corrupt?
    and OBJ, Tinubu, Atiku, Amaechi, Saraki, Fashola,Abacha,IBB left you fantastically holy???
    Go back to your history. Transparency International rated Nigeria as improved under GEJ.
    Fighting corruption is far from opposition and enemy shaming while you have Amaechi, Tinubu USA wanted as party chief as your front men. Oyibo knows better. They cant be deceived by your very corrupt way of fighting corruption.

    Cure your self of shortsightedness so you can see better.

  10. Chic

    May 11, 2016 at 9:19 am

    But what do we expect when we keep casting our votes for these recycled politicians?? Putting new wine in old bottles, expecting new results with same leaders who have failed us over and over again, when religious and tribal differences have become more of a curse than a blessing to us. The hate in our hearts for one another is too much, so that beclouds our judgment most of the time, hence deterring good judgment on national issues. Until these things change, I still see Nigeria as a time bomb waiting to explode. The situation is only been managed to postpone the inevitable. We can only keep praying that it doesn’t happen in our time. Truth remains that It’s a sorry state no matter how much it hurts.

  11. or

    May 11, 2016 at 9:31 am

    Jonathan served under Abacha
    GEJ served during Umaru Dikko
    GEJ served during Halliburton and SIEMENs scan
    He served with IBB
    GEJ is responsible for Fashola website
    Nigeria was created in 2011. Happy five years anniversary Nigeria!!!

    • Iphee

      May 11, 2016 at 10:21 am

      @or: Lol…… “Loud it”. GEJ haff suffered sha

    • nnenne

      May 12, 2016 at 12:58 am

      You forgot ITT?
      Go and listen to Fela! !!
      May his soul rest in peace.

      And Jonathan told Buharii to take seven months before appointing ministers!

  12. llll

    May 11, 2016 at 9:40 am

    God said i should tell you to save this post because he is going to make our economy experience the exact opposite and prove that he is God.

  13. GEJ from ineffective buffoon to fantastically corrupt.

    May 11, 2016 at 10:40 am

    Pls add Kalu,Obi,Ngozi,Stella, and Ochendu to the list nobody must me spared,no gender inequality in the punishment even madam deziness must be forced to return,we can treat both fake and real cancer,Buari should be ruthless now,so they don’t call him spineless General .

  14. TITI

    May 11, 2016 at 1:12 pm

    The world can say anything, But We Nigerians are survivor, Situations that have made other smaller countries go to war zone occured, yet we still stand. We will survive this. CNBC can keep their bull shits.

  15. Tayo

    May 11, 2016 at 6:39 pm

    I’m just waiting for when we will get really angry with all these and start a huge protest. Buhari is not listening, he’s not hearing. It’s good and dandy getting corrupt people but what about our economy for goodness sake, can’t he multitask? mchew

    • nnenne

      May 12, 2016 at 1:09 am

      @ Tayo…. You can’t give what you don’t have.
      Nigeria must find ways of appointing right people for the right job!
      In addition to corruption,appointing mediocres to head our top positions is another reason we are where we are.

      Gone are the days when Presidents sat on oil money. Gone are the days when Presidents didn’t have to think because they didn’t have to create the wealth. In these difficult times, we need people who can think outside the box, in strategic positions.
      Days of boom are behind us.

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