How greedy elite, economists caused current hardship in Nigeria – Audu Ogbeh

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How greedy elite, economists caused current hardship in Nigeria – Audu Ogbeh

Minister of Agriculture and Rural Development, Chief Audu Ogbeh has explained why Nigerian economy is facing recession.
The minister blamed the current economic woes and hardship in the nation on some people he labeled as ‘economists and greedy elite.’

Speaking with newsmen in Abuja, Ogbe noted that it would take sometime for the nation to bounce back on its feet.


According to him, “Now, compare us to Venezuela today, where there is nothing in the shops; people cross the bridge to Columbia to go shopping. Venezuela was richer than Nigeria; a very powerful oil economy. So, this is the problem. Economists and very greedy elite who see only their comfort when they see an economic policy; many of those who kept defending SAP were people who had plenty money abroad and couldn’t be affected either way. All they had to do was to draw down a few dollars and they had heaps of naira.”

On why there is so much hardship in Nigeria today, Ogbeh said, “The challenges we are grappling with today started in 1986 and forced Africa into what they called Structural Adjustment Programme (SAP). I am not an economist but I remember shouting out loud and clear that this was the beginning of Nigeria’s journey to disaster.

”I was in Hong Kong with Senator Godwin Okpe, the day they began the auctioning of the dollar. It was N3 to $1 the first day. We phoned home and spoke to the then Head of Service of the Federation, Abu Obe, and he told us that the auction was N3 to $1; and I said to Godwin Okpe, ‘this is the beginning of the journey to disaster.’”