Vice-president, Yemi Osinbajo has said the activities of Niger Delta militants and vandals are the reason the country is in recession.
Osinbajo speaking on Monday at a business briefing with the private sector and the Economic Management Team (EMT) siad the country is losing one million barrels of oil per day as a result of vandalisation.
“It is important for us to understand the nature of this recession in which we have found ourselves,” he said.
“In discussing this issue of recession there is tendency for people to generalise; a lot depends on what sort of recession and how we got here.
“If we did not have vandalisation in the Niger Delta as we are currently suffering, we will not have this recession today. Moreover, in looking at the solutions, we should try to focus on the type of problem we have and what instigated it. Then we can begin to come up with better solutions.”
Osinbajo, however hopeful that with the coming on board of Dangote refinery, the problems of vandalism will be reduced.
“We are doing a whole lot by interfacing with the private sector because we realise their role in the economy. If the Dangote refinery comes on stream, it will help us overcome some of those challenges, like the sub-sea gas pipelines; it will take care of vandalisation.
”But I think the more important thing is how to clean up the mess in the power sector, especially infrastructure. In the short term, we will try to bring up power to an appreciable level to help the manufacturing sector.”
Nigeria economy officially entered into recession following the report released by the National Bureau of Statistics showing that the nation’s GDP contracted by 2.06% in the Q2 of 2016