From renowned economist, Bismarck Rewane, came the verdict that year 2015 was a rough one, 2016 is going to be a tough year, adding that “a tough year will be better than a rough year because I see a tough year followed by a soft year in 2017.”
Rewane was speaking at this year’s edition, of the Nigerian Economic Outlook, organized by the Networks Business Club of the City of David, Redeemed Christian Church of God (RCCG) in partnership with Access Bank Plc.
According to Rewane, 2016 will be flat, “but towards the end of the year, things will pick up and the reason it’s going to be that way is because the present administration is doing the right things very slowly. There seems to be no urgency. Everybody is waiting on government for its policy direction; including foreign investors. There is no time to waste because by 2017, politicians will start talking of primaries for 2019 elections.”
“If anybody had told me this time last year that oil will drop by $50, I will say no way. But here we are in 2016 and it has dropped to $28. We don’t need an economist to forecast that a country dependent on a single commodity, which is oil, will be worse hit,” he lamented.
“The current dire situation is not helped by the exchange rate misalignment, which is negatively impacting on the economy, alongside the policy reversals of the Central Bank of Nigeria (CBN). While many experts have spoken vehemently against devaluation of the naria.