As Buhari grudgingly assented to the 2018 budget, expectations of him opening the spending spigot have proven overly optimistic. He is still in an austere mood.
But the economy needs audacious and huge investment outlays to substantially move the GDP growth needle. This is only going to happen if and when the supplementary budget is presented and approved.
However, with the APC facing the greatest test of its survival, a smooth sailing new budget deal will be a farfetched notion at this point in time.
The Nigerian economy will be crippled by the internal squabbling between the executive and the legislature, but that is a small price to pay for democracy and freedom.
In the mean time, Nigeria is one of the few countries likely to benefit from the new world economic Disorder and the emergence of elected global strongmen (autocrats – Erdogan, Putin, Trump & Xi).
Nigeria’s external trade is tilting towards these countries supported by currency swap deals and export credit supported project finance
Just as Nigeria welcomed Monsieur Macron to the African shrine, it will also prepare to receive the determined but proud super eagles as they return from Russia with Love Tears.
All of these and more have been covered in this month’s edition of the LBS Executive Breakfast Session, in which Bismarck Rewane and the FDC Think Tank provide an analysis of the implications of these developments on your business, investments and personal consumption.
Enjoy your read!