We refused to save for the rainy day. Now the rain is beating us- Buhari
Tue Jun 28, 2016 07:45:am National
4.4K By Buchi Obichie
President Muhammadu Buhari has ascribed blame for Nigeria's current economic travails to the inability of the previous Government to plan and save for the future during the crude oil price boom.
The President stated this on Monday, while receiving the Chief Global CEO of Unilever, Mr Paul Polman at the Presidential Villa, Abuja.
Buhari said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.
Nevertheless, he however assured Nigerians of better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement.
"We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains," he said.
President Buhari said Nigeria was paying the price for turning herself into a mono economy; but assured Nigerians that with the current emphasis being placed on the agricultural sector, the country would soon be able to feed herself, and even export.
He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.
"We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials," the President said.
The Chief Global CEO of Unilever, Paul Polman, said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing company in the country.
He added that Unilever had invested about N15 billion in Nigeria in the past 3 years.
"Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.
"The situation to invest and continue to invest here is very encouraging," Mr Polman said.
The President stated this on Monday, while receiving the Chief Global CEO of Unilever, Mr Paul Polman at the Presidential Villa, Abuja.
Buhari said that the country is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure.
Nevertheless, he however assured Nigerians of better days ahead, stating that his administration was putting measures in place to change the structure of the Nigerian economy battered by several years of mismanagement.
"We refused to save for the rainy day. Now the rain is beating us. No money, no savings, nothing. And we are thoroughly wet from the rains," he said.
President Buhari said Nigeria was paying the price for turning herself into a mono economy; but assured Nigerians that with the current emphasis being placed on the agricultural sector, the country would soon be able to feed herself, and even export.
He assured that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.
"We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilized our budget, I would personally be interested in the manufacturing sector, particularly in the generation of essential raw materials," the President said.
The Chief Global CEO of Unilever, Paul Polman, said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing company in the country.
He added that Unilever had invested about N15 billion in Nigeria in the past 3 years.
"Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.
"The situation to invest and continue to invest here is very encouraging," Mr Polman said.
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