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.