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Saturday,
December 19, 2020 /09:00 AM / By FDC/ Header Image Credit: FDC
Just like
Don Corleone said in the movie Godfather "I am a superstitious man and I do not
like bad omens"
2020 a leap year is now drawing to a close and yet I
have received only 5 Christmas cards as against 100 that I got at this time of
2019. That is not all, I have received only 2 thin and weightless hampers
compared to the 20 bountiful and hefty hampers I got in 2019. I said to
myself gee whiz, last year I attended no less than 8 end of year parties from
the Eko Convention Centre to the Landmark Auditorium in December, but this year
none. To make the end of year celebrations super fascinating, I had been
to the airport numerous times to receive visiting friends and relatives from
the U.S., Canada and Dubai. This year, I have not welcomed any relative,
friend or associate from abroad. What a difference12 months can make.
The Nigerian economy was firing on all cylinders,
chalking up a growth rate of 2.55% in Q4 2019. The Naira was trading at
N362/$ in the elusive parallel market and a bag of rice was selling at N18,000
per bag in August. The retail price of onions was N17,000 per bag and a
ticket from Lagos to Abuja was N28,000.00.
Today it is a totally different picture. Rice is now
N30,000.00, onions is N75,000.00 and a bag of flour is now N14,500.00.
These anecdotal proxies tell you why food inflation is at a staggering 18.3% as against 14.67% in 2019. It also helps you
understand the dramatically changing macro-economic picture and the challenges
of an economy in stagflation with declining incomes and a negative balance of
trade.
But not to worry, the worst is now over and the long
arduous journey of a slow and difficult economic recovery has commenced. In
this edition of the Breakfast at dinner time held virtually, Bismarck Rewane
and the FDC Think Tank look introspectively at 2020 and project into 2021 with
forecasts on the leading indicators and the new world order of a Biden
presidency in a Trump world.
Kindly download The LBS Executive Breakfast Session - December 2020
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