RECESSION; IF ONLY WE LISTENED TO GOV. YAHAYA BELLO’S WARNINGS ON THE EFFECTS OF LOCKDOWN
Just two months after the unnecessary lockdown of Nigeria’s economy due to Covid-19, Nigerians began taking loans to buy food as 68% of households suffered food insecurity.
The adverse effect of the lockdown which started with the Agricultural sector has now advanced to cripple the whole economy, what has resulted to the second recession in five years, and worst recession in over thirty years.
If we had listened to warnings from Governor Yahaya Bello, we wouldn’t be experiencing this today.
The Kogi State Governor had several times warned against the effects of completely locking down the economy (on video).
According to the national longitudinal survey on the socio-economic effects of COVID-19 on Nigerian households, conducted by the NBS in August, about one in four households were already indebted prior to the pandemic while nearly one-third have taken out new loans since the onset of the pandemic,” the report read.
“The economic situation of Nigeria remains precarious, even months after the lockdown restrictions were loosened. We shouldn’t have locked down in the first place!
The concerns of Governor Yahaya Bello
-Why lockdown an African country because of a virus that has over 99% recovery rate?
- Why lockdown a country when livelihoods are not sustainable?
- What do we say now about the crumbling figures amidst a reopened economy?
A virus that accommodates mass protests and looting, but dangerous for family meetings, worship gatherings and open businesses.
The world has continued to suffer from the effects of the unsolicited lockdown imposed on us.
A reason to say, “if only we listened to the little voices of Governor Yahaya Bello and all who stood tall and alone to fight for the people” .
Right now, the number of Nigerians experiencing moderate or severe food and financial challenges have continued to increase from about 68% in August, 2020.”
Indebted households reported that 55 percent of the loans were obtained from friends or relatives.
The NBS reported that the overall share of respondents who are working is back to pre-pandemic levels.
However, six percent of the respondents have not worked at all since the pandemic began while 60 percent have experienced periods without work; which according to the NBS indicates instability in the job market.
Inflation rate is on the very high side and we have hit our worst recession in 30years.
We shouldn’t have locked down.