The Buhari-led Federal Government has finally destroyed and murdered the Nigerian economy evidenced as reported by the Central Bank of Nigeria, CBN, which recently revealed that the two global giant banks, HSBC and UBS have completely shot down operations and closed their respective offices in Nigeria.
Their capital flight and sad exit from the Nigeria economic space were simply – because of Buhari’s cluelessness and what i call ‘impotent’ fiscal policies.
Nigerians are very much aware that HSBC and UBS opened its doors in Nigeria during the administration of the Peoples’Democratic Party (PDP) which resulted the Nigeria economy to becoming the number three (3) fastest growing economy in the World and number one (1) in Africa.
UBS connected prospective clients with its offshore centres in Switzerland, UK, Dubia and Singapore where dedicated client advisers offer personalized service and full access to the bank’s vast global resources but the Buhari ruthless and clueless regime do not consider the significant impact of these internationally acclaimed financial institutions relevant to growing the Nigeria economy.
The rising foreign depth, gruesome killings and the utter uncertainty surrounding the 2019 Presidential elections remain a drawback to these gigantic investors.
The foreign direct investment in Nigeria fell to N379.84 billion in the first six months of 2018 compared to N532.63 billion recorded in 2017. Investors’ confidence have been shaken since the CBN got entangled in the alleged illegal repatriation of funds battle with telecom giant, MTN Nigeria.
HSBC had earlier predicted doom for the Nigerian economy should President Muhammadu Buhari wins the forthcoming 2019 general election.
In my view, the choice for us to kick out the APC government is in our hands come 2019. If we do not fight a collective battle to vote against this government, Nigeria shall not exist in the committee of International Organisations and Institutions.
-Comrade Paul Ikechukwu Njoku.
(A Human Rights Activist)