Obasanjo Legacy ignored

As the world goes through the death throes of the debt purge many people will forget who the authority was that strengthened Nigerian Macro-economic fundamentals to the extent that there is such negligible impact so far from the credit crunch, bank failures and the falling oil prices all within the context of drastic erosion in production. Here are some things to chew on:

- World bank confirms that Nigeria will only be minimally affected by this global turbulence because of the limited role of foriegn investment in the banking system about 5% compared to the 40% in many other developing economies.

- The same consolidation that was attacked as overreach by Obasanjo administration has also shored up the independence and institutional fortitude of the Banks against this turbulence.

- Less than 1 % dependence on International aid is quite an helpful factor

- The $60 billion in foreign reserve surplus as against the the sea of National deficits is a bonus

- An economy that grew from 5.5% circa to 6.9% in the last quarter mostly from non-oil sector especially banking is exquisite

The naysayers cannot see any of these they are addicted to a sense and notion of failure. The other usual pains are there for them to celebrate , roads, power , education amongst all. The economy is alive and growing and that rocks