Rejigging Nigeria’s economic growth engine: The courage to act


Four years on from the first annual contraction in economic activity in over three decades, the odds are high, that Nigeria’s economy will experience another full year decline after going into a technical recession in Q3 2020. Across the 2016 recession and ongoing 2020 episode, Nigeria’s economy faced exogenous shocks, a sharp drop in oil prices (which induced recessionary conditions across all major oil exporters) in the former and the COVID-19 outbreak which has pushed the world economy into a recession. Following the discovery of proven vaccine therapies, expert commentary and analyst prognosis, hinged on the assumption that a successful roll-out of COVID-19 vaccination programs across countries, is for a V-shaped economic recovery. For Nigeria, this rebound will be towards an economic growth number between 2-3 percent which implies little change in individual fortunes as real GDP growth roughly matches population growth. Though the recent #ENDSARS protests could be naively…

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