In an article published in This Day newspaper, statements credited to the Minister of Finance and the Governor of the Central Bank of Nigeria (CBN) convey the impression that all that is wrong with the Nigerian economy is external shocks. According to them, the latest external shocks, which they called external headwinds, are the oil price crash and Covid-19 pandemic. While these are real issues, we should not let these admittedly concerning current global phenomena distract attention from the serious and perennial disequilibria that call for the deep reform and diversification of the Nigerian economy. The problems, issues and challenges underpinning the economic problems we contend with have been with us for a long time, and they are multidimensional. The impact of exogenous shocks reverberates disproportionately when the national economy is dysfunctional and its operation suboptimal. In other words, the above two factors simply serve to make a bad situation worse.
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