Fresh opportunity in Nigeria
Nigeria’s economy is expected to recover from the 2016 recession, but a meaningful improvement in the lives of its citizens will depend on drastic action by a government with little record of success
Halfway into Muhammadu Buhari’s tenure, Nigeria’s government has published an economic recovery plan to return its struggling economy to growth: diversifying its focus away from oil and ensuring the security of energy and food supplies. The Economic Recovery & Growth Plan provides the country with a comprehensive economic strategy, but it follows on the heels of past plans and lofty promises that previous administrations failed to implement. This time, government claims, things will be different. It has established a delivery unit in the presidency to co-ordinate the implementation of the strategy, and has emphasised that its role will be restricted to removing the impediments to innovation and market-based solutions. Nigeria’s economy slipped into recession last year. Though it is forecast to recover this year, the situation is fragile. The government has only partially relaxed its control of the overvalued naira, and it is desperately short of funds. This has been compounded by th...
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