Stalled Economy Blamed on Yar’Adua’s Long Absence

Joseph Ekeng-

The relative gains made by the efforts of the Central Bank of Nigeria governor, Sanusi Lamido, to reform the banking sector and restore public confidence in it seems to have been eroded by the lacuna created by the long absence of president Umaru Yar’Adua, who have been away in Saudi Arabia receiving treatment for kidney malfunction.
Analysts are worried that the reforms which has been on-going in the last six months should have started yielding results by now if the central government was up and running.
Bola Onanuga, CEO Financial Standard said recently that the crisis in the banking sector have been greatly undermined by the long absence of the president and the penchant for cabinet ministers to put politics over real issues.
“By now we should be seeing results, but the lack of corporation by the ministers have undermined the reforms,” he said. He noted that the ministers have refused to join force and work as a team in the interest of moving the economy forward.
However, Sanusi has continued to guarantee that the reforms are working and will produce more tangible results as the year unfolds.