The data is unambiguous on current economic conditions - GDP growth in the last quarter
of 2015 was a meager 2.11 % with full year growth
of 2.79 % according to the National Bureau
of Statistics (NBS); inflation rose sharply to 11.4 % in February with prospects
of reaching 12 % by March; capital markets have remained bearish; according to UNCTAD Nigeria's FDI fell by 27.7 % to $ 3.4 billion in 2015, and on current trends may fall even more precipitously in 2016; the de facto exchange rate
of the Naira for most producers and consumers is now N322 / $ even though CBN maintains a nominal N197 / $ for privileged persons; several economic sectors - construction, government, manufacturing,
oil and gas and hotels and
restaurants are in recession or barely
out of it; government's official foreign reserves is down to $ 27.8 bn; and unemployment and under - employment rates have worsened 10.4 % and 18.7 % by the end
of 2015.