With capacity utilisation in the manufacturing sector crashing below 20 per cent, Crusoe Osagie reviews the challenges of the ailing economy and the government’s strategy to restore stability.
Hopefully, the President Muhammadu Buhari-led government might have realised that it will no longer cut it to simply dismiss the outcry of Nigerians over grinding poverty caused by a contracting economy by simply blaming its predecessor of corruption and looting.
Analysts say the punch line is spent and is no longer acceptable.
The hungry man just wants food, he is not interested in any blame game; the unemployed person needs a job; the homeless needs shelter; people challenged in their health need adequate medical care and so on.
To underscore the depth of the economic crisis in which the country currently finds itself, manufacturers last week announced that the continued decline of capacity utilisation in the country posed a major threat to the already ailing real sector of the economy, resulting in massive job losses.
For an economy whose managers have repeatedly touted the term economic diversification from hydrocarbon to the real sector as the salvation plan, an announcement that capacity utilisation has dropped to an abysmal level is a severe emergency.