Nigeria Economy | |
Nigeria Economy | |
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Saturday,
December 07, 2019 /05:00AM / By FDC/ Header Image Credit: Sharecafe
Nigeria - No longer a smugglers paradise
The
Jury is out as to whether the present border closure in Nigeria should be
extended or shortened. There are short-term benefits, which include a temporary
strengthening of the naira and a 30% reduction in petrol imports. The long-term
disadvantages include the disruption of trade flows even though not all cross
border trade is contraband (smuggling).
Whilst
the argument rages about the difference between emotional economic patriotism
and dynamic equilibrium, the country is suffering some reputational damage.
A review of 2019 and a preview of 2020
2019
was a year of Political Trepidation and Growing Uncertainties. Some Nigerians
are happy to see the back of 2019 while others are pleased with the slow
economic progress. The year 2020 in our view will be one of economic
imponderables at both the global economy and domestic markets. All eyes will be
on the US elections, the Fed's struggle for independence and the policy
response of advanced economies to global slowdown.
For
Nigeria, consumers will groan about the hike in VAT, the restoration of
tollgates and cost reflective electricity tariffs. The good news is that the
payment of the new minimum wage and the arrears would offer some succor to
workers. Investors would also keep a close watch on the stock market and the
impact of government policies on their portfolio strategy.
In
this edition of the LBS Breakfast session, Bismarck Rewane and the
FDC Think Tank offer a dispassionate analysis of the imponderables, flashpoints
and unknowns of 2020 and try to unravel the uncertainties ahead.
Kindly download The LBS Executive Breakfast Session - December 2019
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