The Nigerian economy has been on a roller coaster ride right from the 2008 global crisis till date. It has passed through 2 recessions (2016 and 2020) and a slow recovery. The policy makers have transitioned from a dogmatic mindset of “economic patriotism” to a partial belief in “efficient market hypothesis”. This validates the point that nothing is static in life and everything is capable of changing with time.
The Nigerian reaction and response time to Covid in 2020 contrasted sharply from its sluggish response during the 2016 recession. This time under the same leadership, the nation seemed to have learnt a few lessons from history and reacted appropriately.
The long route to recovery will start in 2021 but it is likely to be in the words of Jimmy Cliff, the reggae artist, “A hard road to travel and a rough rough way to go”.
In the slides, Bismarck Rewane reviewed the decade of economic swings, trials, tribulations and triumphs and the slow and solid journey to economic recovery on Channels TV’s Democracy Day programme.
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