A member of Nigeria’s Economic Advisory Council and Chief Executive, Financial Derivatives Limited, Mr. Bismarck Rewane, has said that to reduce the growing number of poor persons in Nigeria, the current $88 billion investment threshold must be increased to between $160 billion to $200 billion.
He said: “Nigeria will continue to depend on oil, but the question is why is oil contributing 10 per cent to GDP and 90 per cent to export and 76 per cent to revenue? “Nigeria already had a recessionary gap. What we are facing today is that we are going through a situation of stagflation, which is a recession plus an inflation. It is a very difficult situation to have both at the same time because if you lower interest rates you will push up inflation.
“The US is contracting by eight per cent. China is going down from 6.1 per cent to about 1.2 per cent, a contraction of about five per cent . The EU was growing at 1.5 in 2019, but is now projected to grow at -7.5, so, it’s almost like that of the United States.
Unfortunately Buhari led government wouldn't know what to do with 200 billion dollars.
God will provide
This is one of those giving staled economic advice to the FG that landed us into recession.
Loan advise
Mr. Rewane said we need $200b to reduce poverty. How will a country with $30b budget and dwindling rev fund the deficit? $200b is 50% of GDP. Nig. has one of the lowest debt-to-GDP ratios in the world so to fund our critical infra & reduce the deficit we need to borrow more.
The one’s abacha has been giving us nkor!!!