Economic Intelligence Unit(EIU) Predicts a 5-Year Economic Woe for Nigeria

[Ex Spy]

July 06, 2017

Report by the Economic Intelligence Unit (EIU) has predicted that four major factors will remain a source of instability in Nigeria in the next five years.

Those factors allegedly include:

• Fractious political scene
• Uncertainty over the health of President Muhammadu Buhari
• Violent unrest, and
• Severe economic difficulties

The Economic Intelligence Unit is a UK- based group which provides advisory services through research and analysis. According to the Economists, Nigeria faces the biggest challenges to its constitutional democracy since the return to civilian rule in 1999.

It noted that risks in the early part of the 2017-2021 prediction are heightened by a likely transfer of power before the electoral cycle at the presidency.

Here’s the statement as released by EIU:

“We view it likely that Mr Buhari will be forced to leave office before the official end of his term in 2019. He will be replaced by his deputy, Yemi Osinbajo, to serve the remainder of the term as stipulated in the constitution.”​

It noted that policy reform will be slow as efforts to introduce market-oriented reforms and diversify the economy away from oil come up against vested interests, ideological opposition and bureaucratic inefficiency.

Real GDP growth would ebb to recover from the recession of 2016, given an ongoing period of historically low oil prices and the weak policy response which will sap confidence in the economy more generally.

Furthermore, the Economic Intelligence Unit projected that the average yearly inflation will rise further to 17 percent this year owing to currency falls coupled with generally higher commodity prices, plus, a greater currency stability will see inflation edge down, although not rapidly in 2018.

In response to the Economic Intelligence Unit report, an economist and investment banker, Bayo Rotimi said:

“If there are problems in those areas, then the nation’s economy may be adversely affected.”

According to him, there is anxiety over the political situation, movement in oil prices, hence the EIU tends to be pessimistic.

“I do not agree with their (Economic Intelligence Unit) position on the Economic Recovery and Growth Plan (ERGP). As always, everything is a function of implementation,” Rotimi who is also the Chief Executive Officer of Quest Advisory Services Limited, said.

The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, also acknowledged the concerns but noted that government efforts in the areas of policy initiation and implementation had reflected a genuine commitment to growth and development.

Director-General of the Manufacturers Association of Nigeria (MAN), Segun Kadiri, added that a lot has been done by the government in initiating policies that would turn the country around.

 

[Poise]

UK, wameisha muua bahari kwa hiyo wanaitumia EIU, kama platform ya kupiga ramli uchwara wakati wameisha fanya unyama wao.

Kwa sababu, Buhari, aliwabania sana kwenye mafuta .


Hili liwe somo kwa vyombo vyetu vya ulinzi na usalama hapo Tanzania Kwa viongozi wetu hasa wakati huu tunapigana vita ya kiuchumi.

Rais, Makamu na waziri mkuu walindwe na afya zao ziwe zinaangaliwa na madaktari wetu wazalendo wa nchini kwetu.

Maana, invisible hands kutoka kwa wazungu koko inafanya kazi kuua watu wetu wenye kupigania maslahi ya nchi zetu za kiafrika .

Get well soon, Mr President. Buhari.