The National Leader of the All Progressives Congress (APC), Bola Ahmed Tinubu, says Nigeria's economy has hit a wall because the country did not plan for times like this.
"For decades, Nigeria danced in close confines with economic disaster. In the past, higher oil prices allowed us to dodge the worst. We have survived but not thrived. Improvised but not planned. Spent but not invested. Laughed, drank and feasted but did not build, construct or maintain. Now, Nigeria has collided into a wall, merciless and immovable. The present downturn in oil prices may be more than just a transient slump in the business cycle," Per Second News quoted Tinubu to have said in a statement by his media office on Thursday.
The APC chieftain said that it was unfortunate that Nigeria wasted the opportunity it had to diversify its economy when oil prices were at an all-time high, noting that Nigeria is now bearing the brunt of its past mistakes, with the naira slumping to its lowest level in Nigerian history on the parallel market at N280 against the dollar on Thursday.
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