And so it begins. As predicted. The Federal Government has begun to say that any lift out of recession is due to its policies.
Kemi “the village bean counter” Adeosun, Minister of Finance, claimed yesterday to CNBC that the policies of this administration were beginning to bear fruit and show signs of lifting Nigeria out of recession.
It would take monumental stupidity to believe this.
She also stated that the Government was still trying hard to diversify the economy and eradicate corruption.
These things, in addition to an improved tax net would mean the country continues on an upward trajectory.
This is patently rubbish. At worst lies and at best inept and misguided beliefs.
The simple facts are that any up tick in the economy is purely driven by oil price and how much can be exported.
The only policy here has been shamelessly cow-towing to the hijackers of the Delta to ensure export potential.
The foreign reserves coffer (the only factor that allows our import dependent country to have any policy) has been growing purely due to over $50 per barrel oil prices.
The correlation is plain for even Kemi to see.
In addition, there are no discernible Government policies that have lead to diversification.
A couple of the connected elite have moved on the rice and tomato market.
This will not help the public funds as the usual exemptions and tax manipulations will apply to these folk.
The simple answer can be found in the fact that agriculture (an area where due to our God given climate and geological gifts, we have a global competitive advantage) has seen lending fall whilst in the oil and gas sector lending is again on the rise.
There has been, and continues to be no diversification.
There are so many things that could have been implemented. So many simple policies for diversification and growth but these would tread on the toes of the elite.
To be fair to Kemi, if she had tried to implement policies that trod on the toes of the elite, she would have been out of government in an instant.
She is doing what she can.
Lying low, trying to hide her lack of capability and popping up for a sound bite now and again.