31, 2019 10:14AM / by Dr ‘Biodun Adedipe*
The Nigerian economy has struggled for acceleration since recovery from the 2016 recession. The prospects are still bright, but gaining momentum requires making some changes that seem simple on the surface but difficult to make. These changes requiring surgical strike mentality and energetic execution may be the way out.
Surgical strike is a military terminology for an action that produces an intended result against a predetermined and well-defined military target, without or with minimal collateral damage.
It also means an action aimed at quick resolution of a problem or issue in order to prevent it from escalating into a full-blown war!
To retrofit is to add a component to something that never had it when it was manufactured.
For example, a 59-year old apartment block that is newly fitted with elevator, central air-conditioning system, shared supplementary non-grid power system and all bedrooms en-suite.
The retrofitted unit becomes infinitely more effective and efficient than its pre-retrofit state.
What Should We Focus On?
We have conducted severally half-yearly and annual reviews with outlook over many years. Telling the same story!
Perhaps we should begin to shift focus in our analysis and conversation, taking account of the dynamics of economics:
From GDP growth to measuring quality of life and equitable distribution of growth benefits?
From whatever-happens to competing for resources and attention.
From the deception of resource-rich country to attractive investment destination.
From waiting for investors to come to actively pursuing the type of private investors that will make the difference.
Global Macroeconomic Overview
“The outlook for the global economy has darkened” due to the following major factors:
1. Tightened global financial conditions;
2. Moderate industrial production;
3. Intensified trade and political tensions; and
4. Large Emerging Markets and Developing Economies (EMDEs) experiencing significant financial market stress.
Key issues / risks:
*Dr ‘Biodun Adedipe is the CEO of B.Adedipe Associates Ltd. He can be reached vide firstname.lastname@example.org