by HJ Oliomogbe
President Muhammadu Buhari can no longer be said to be slow. He is moving fast in the wrong direction…
The effects of Buharinomics an economic theory that wrecked havoc over three decades ago is beginning to rear it’s ugly head as Nigeria’s octogenarian leader begins the implementation of his upside down economic policies and harmful forex restrictions.
1. Niger Dock Sacks 1400
2. Jumia lay off 300- Jumia
3. Shell Sacks – 6500 – Nigerian Monitor
4. Zenith Sacks 1200- Premium Times
5. Lacaera Sacks 700 – Vanguard
6. 60,000 construction workers sacked. The Nation
7.Coca cola sacks 800 – Osun Defender
8. Access bank sacked 800 staff NairaNaijaNews.Com
9. Skye Bank sacked 400 staff
10. Unity Bank sacked 320 staff
11. Guinness Nigeria profit decline by 75 %
12. FMCG companies record – 50% decline in profits
13. MRS records – 88% profit. Decline
14. Lafarge record – 7% profit decline
15. Nestlé Records – 58.2% Profit decline
16. 5 million Users Disconnect From MTN – NairaNaijaNews.Com
The list is endless.
Foreign exchange restrictions coupled with lack of economic blueprint or direction have combined to frustrate indigenous companies and entrepreneurs forcing them to either downsize, scale down production or close down completely.
HJ Oliomogbe is a member of the Anti-Corruption Network in Nigeria. He is a graduate of Benin. Connect with him on Facebook.
The opinions expressed in this article are solely those of the author.
