The covid-19 pandemic has altered much of the conversation about economies, worldwide. Out go all of the estimates, by year-end 2019, of the possible trajectory of the global economy and its constituent parts, including all of the enthusiasm that accompanied the signing by the U.S. and China of the first phase of their new trade agreement. In come almost prophetic assertions that global trade will shrivel this year ― but no thanks to President Trump’s child-like bulimia for imposing tariffs.
Locally, the burden is not from the pandemic alone. Much of what was labelled “anti-government” commentary on the economy was concern about how the monetary authority was frittering away the buffers that the economy will need to deal with future shocks and how the fiscal authority simply did not demonstrate a sense of this need to keep some of its gunpowder dry. Now that push has literally come to shove isn’t the time to abandon this dialogue.
Not much surprise here, given how our monetary authority bent over backwards to please non-resident investors in these instruments.
Not to those who over the last year have excoriated experts on the economy in favour of the intuition of the leader-visionary. The problem is that this latter reading of how economies work simply ignored the fact that foreign direct investment into the country has remained a minuscule portion of total capital imported annually. And that FDI flows into Nigeria have been trending down since 2004 , apart from a brief spurt in 2018. Indeed, FDI imported into the country fell from US$1.
Source: Financial Digest (financialdigest.net)
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