Over the years, every of Nigeria’s annual budget has been titled to give the impression that its implementation will lead the country to an Economic Eldorado. ‘Budget of Hope and Economic Transformation’; ‘Budget of Inclusion and Accelerated Economic Growth...Over the years, every of Nigeria’s annual budget has been titled to give the impression that its implementation will lead the country to an Economic Eldorado.
It has since been obvious that one of Nigeria’s major economic challenges is the persistence of acute shortage of foreign exchange —especially as a largely mono-product and import-dependent economy. It is therefore a warped expectation to believe that the national currency shall soon gain much strength against the dollar and other hard currencies—to stay at N700/US$ in 2024. This unlikelihood ties-in with another faulty assumption that Nigeria’s crude oil production shall in 2024 stand at 1.
The unfathomable negative multiplier effect of fuel subsidy removal that has pushed the prices of goods and services through the roof is still unfolding. The pump price of petrol is still rising, and feeding into the prices of all manner of consumer items. FX rates unification is another key enabler of cost-push inflation that has come to stay.
Okeke, a practising Economist, Business Strategist, Sustainability expert and ex-Chief Economist of Zenith Bank Plc, lives in Lekki, Lagos. He can be reached via: obioraokeke2000@yahoo.com
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