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updated 10:20 AM UTC, Dec 13, 2023

Osinbajo Says We Hear You All As Nigerians Embark On Peaceful Protests Over Economic Crises

Unic Press UK: There were nationwide peaceful protests in Nigeria, yesterday, against the Nigerian government. Protesters trooped to the streets of Lagos, Abuja, Uyo and many other cities in Nigeria, lamenting bad governance and economic hardship.

Nigerians protest, seek good governance as recession bites, 6th February 2017

Nigerians protest, seek good governance as recession bites, 6th February 2017

Nigerians protest, seek good governance as recession bites, 6th February 2017

The economic situation in Nigeria rapidly worsened since Muhammadu Buhari became president. The rate of inflation in Nigeria peaked at 18.55% as of December 2016. The official exchange rate prescribed by the Central Bank of Nigeria is $1 = 305.25, but it’s circa 500 in the parallel market. There has been numerous job losses in the private sector. The economy is currently in a recession.

Recently, Fitch Ratings, Inc., one of the leading credit rating agencies revised the outlook on Nigeria from stable to negative, citing a GDP growth of -1.5% in 2016, foreign exchange restriction and tight foreign currency liquidity, wide gap between the official rate and the parallel market rates, worsening asset quality in the banking sector.

In its November 2016 publication “Macroeconomic Developments And Prospects In Low Income Developing Countries—2016“, the International Monetary Fund (IMF) said the severe economic predicament in Nigeria is the ‘product’ of government inefficiency.

In his response to the widespread protests against the federal government’s seeming inability to properly address the economic crises in the country, the acting president Yemi Osinbajo said the Nigerian government heard the cries of the people.

The protests were widespread in spite of the fact that one of the initial promoters of the protest, a popular musician known as Innocent Idibia [alias 2baba or 2face], did call-off the protest a few days ago over “security concerns and public safety consideration’’.

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