Skip to main content

7 Nigerians Who Can Upturn IMF's Depressing GDP Forecast

The International Monetary Fund (IMF) predicted on Tuesday that Nigeria’s gross domestic product (GDP) growth rate would fall to its lowest point in 29 years.
The IMF said the Nigerian economy would shrink by 1.8 percent in 2016 , and grow by only 1.1 percent in 2016, affirming arguments that Nigeria is currently in a recession, and will be throughout 2016.

However, this is just a forecast. As Nigerians, we still have our destinies in our hands, and possess the potential to upturn the odds in our favour.
We believe this seven Nigerians can upturn the nation’s economic woes in just a few months:

According to Akinwumi Adesina, president of the African Development Bank, lack of electricity shaves off about four percent of Africa’s GDP. The figure for Nigeria is projected at 5 percent of GDP.

Fixing power in any Africa economy is a GDP magic. It may be next-to-impossible to fix Nigeria’s power situation six months, but considerable progress could drive growth drastically.

With IMF particularly highlighting low power generation as a cause of economic contraction, high power generation can directly bring economic expansion.

Fashola, as minister of power, at his best, can make this happen – if resources are made available.

The second major issue raised by the IMF, which Nigerian economic analysts can attest to is the foreign currency scarcity currently being experienced in Nigeria.

The foreign exchange policy of the Central Bank of Nigeria (CBN)is pivotal to the availability of forex in the Nigerian system.

If Godwin Emefiele and the CBN monetary policy committee find a way of fixing forex scarcity in the short term, GDP growth may just be on the cards in 2016.

Low oil receipt is no doubt the single biggest reason for the contraction of the Nigerian economy. If we have oil forex, forex scarcity can be fixed and capital projects on power can also be executed.

Nigeria cannot upturn oil prices, but we can increase our production levels and generate more petrodollar if the Niger Delta avengers leave vengeance to God!

At the presentation of the Nigerian appropriation bill for 2016, President Muhammadu Buhari said only N820 billion of the N6.08 trillion budget will be funded by petrodollar.

He said the rest would be funded by other sources of revenue generation, especially taxes and other non-oil revenues, handing so much responsibility to Fowler, chairman of the Federal Inland Revenue Service (FIRS).

If Nigeria must experience any economic growth in 2016, it must be able to implement its Keynesian budget. To do that, Fowler’s FIRS must be able to generate sufficient revenue.

Nigeria’s youngest minister has one of the heaviest duties in reforming the economy. She has promised fiscal responsibility, and has succeeded in weeding out thousands of ghost workers.

She said in Kaduna last week that she would “make every naira count without placing burden” on any Nigerian.

For Nigeria’s GDP to grow in 2016, Adeosun must give more action to her words and do more within the third and fourth quarter of 2016.

Seaports are one of the largest sources of revenue in many countries of the world. But despite Nigeria’s status as Africa’s largest economy, the country does not have a single port in the top 100 ports in the world.

According to World Port rankings, South Africa has two of the 100 busiest, revenue generating ports in world.

With Usman’s as managing director of Nigerian Ports Authority (NPA), we could either see our port revenue sky rocket or fall to new lows.

It may be difficult in six months, but it is not impossible for Usman’s NPA to add sizable expansion to the Nigerian economy.

The Nigerian system is designed in a way that puts the direction of the nation on the shoulder of one man; his name: Muhammadu Buhari. Virtually all of Nigeria’s economic decisions lie on the actions and inaction of the president.

Buhari’s negotiations with the Niger Delta Avengers, willingness to grant absolute autonomy to the central bank and take necessary economic decisions – even if it be the devaluation of the naira – will make all the difference in the days to come.

Yemi Osinbajo
, vice president and head of the National Economic Council

Ibe Kachikwu, chairman of NNPC and state minister for petroleum, who fetched $80 billion in deals for infrastructural deficit in the Nigerian oil sector.

Akinwunmi Ambode , governor of Lagos state, which is responsible for over 20 percent of Nigeria’s GDP. Lagos can swing the GDP pendulum in any direction.
Post a Comment

Popular posts from this blog

FG and labor leaders to meet today over planned strike action against increased pump price

The Federal government, leaders of the Nigeria Labor Congress NLC ‎and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pup price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th.

The Federal government and Labor leaders' meeting will hold at the office of the Secretary to the Government of the Federation in Abuja by 10am..

Those expected at the meeting include Minister of Labor Chris Ngige, leaders of NLC, TUC, Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and their Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN counterpart.

TRAGEDY IN GHANA-Police officer, pregnant wife, daughter perish in gory accident,new born baby survives

A Police officer, his pregnant wife, their 3-year-old daughter and their nephew died in a horrible accident on the Adabraka road Sunday dawn.

The Police officer identified as Sergeant Francis Essuman 42, with his nephew Kobby 21, and their daughter Wilhelmina 3, were accompanying his pregnant wife, Elizabeth Essuman, 36, to the hospital to deliver when the accident occurred.

According to Chief Inspector Lilly Rockson in an interview with Adom News said, the pregnant woman delivered a bouncing baby boy in the taxi half way to the hospital prompting them to panic.

In a bid to quickly get her to the hospital to avert any complications, the taxi driver was compelled to speed but ended up crushing into a Sprinter bus which was on top speed from Tudu in Accra.

Title-crazy civil servants to go

Title-crazy civil servants are scared of being sacked, The Nation learnt at the weekend. Officials, who violated the Public Service Rule banning titles until after retirement, may be retired in the coming civil service reforms.
Only those whose titles were traditionally inherited may be spared but their postings and conduct will be put under watch.
According to sources, the government is disturbed that most of the top civil servants with honorary awards actually bought them at high fees.
The affected civil servants violated the rules which grants them the right to such honors only after retirement.
Besides committing the resources of Ministries, Departments and Agencies (MDAS) to such awards, most of the civil servants used the window to “grant favour to groups, persons, and communities in violation of their oath of office.”