APC condemns EIU, HSBC reports on Nigeria


The All Progressives Congress (APC) has condemned the prophecy by two multinational companies on Nigeria’s economic development and President Muhammadu Buhari’s political future.

APC faulted the predictions in a statement on Wednesday by its acting National Publicity Secretary, Mr Yekini Nabena.

The Economist Intelligence Unit (EIU), the research unit of The Economist Magazine and HSBC, a multinational banking and financial services company had predicted that the second term of President Buhari would “greatly stunt the economic development of the country, among other doomsday prophesies on the Nigerian nation”.

The EIU report had also indicated that it expected the Peoples Democratic Party (PDP) to win the forthcoming presidential election but that the next administration would flounder against the same problems.

“A troubled government, thereafter, implies that Nigeria’s manifold security threats will continue to fester,” it said.

“We consider a widespread breakdown of security to be unlikely; the military is more professional.”

Condemning the report, Mr Nabena described it as referred to the report as false, deceptive, unreliable, and tendentious.

It also urged Nigerians to dismiss such accordingly.

“We should remember similar prophesies and analysis about the political situation in Nigeria made some years back by similar Western institutions,” it said.

“It was prophesied that the Nigerian federation would collapse in 2015, resulting in some ethnic nationalities going their separate ways”.

Mr Nabena questioned why the economy is waxing stronger with the Muhammadu Buhari administration striving to unite the country and consolidate positively on the strength of the people’s diversity.

He wondered why it was “only negative results and implications that The Economist, HSBC and similar institutions always analyse and prophesy about Nigeria.”

“Are they blind to all the gains and positive impact the APC administration is making in relation to ongoing economic reforms, fight against corruption, infrastructure drive, counter-insurgency and the campaign to repair of our badly-eroded value system in the country?” the APC spokesman questioned.

“We advise the economic physicians to heal themselves first before looking out for other patients who have not come to them for consultation”.


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