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Showing posts from January, 2021

The Nigerian economy may rise from the ashes by 2030

The Nigerian economy may rise from the ashes by 2030 By  Zuhumnan Dapel and Ishmael Ogboru Nigeria is 60 years old. It has so far been through a three-year devastating civil war, two economic recessions (and now in its third), leadership crisis in form of power switches in six military coups, and many other besetting challenges.   In this opinion piece, we provide a concise account of how these challenges – relating to the economy – have evolved and we argue that Nigeria will one day rise like a Phoenix from the ashes! There is no question, the Nigerian economy – the largest in Sub-Saharan Africa and bigger in size than 31 other economies on the continent, combined – was healthier than 10 years later. Two major forces led to this: the 2014 bust in world oil price and the foreign exchange policy regimes pursuit from 2015.   However, by 2030, the economy may emerge the best it has been since the return to democratic rule in 1999. Two forces are expected to drive this rebound: the ongoing