Nigeria in the New Decade: Nothing Ventured, Nothing Gained
Posted by Finintell on Sunday, 2 February 2020The Nigerian economy suffered mixed fortunes in the past decade. In the first half of the decade, an average growth of 6.1% drove unemployment to a low of 5.1%. This was on the back of peak oil prices and stable oil production, which supported oil revenues and a strong exchange rate. In turn, inflation was relatively low, averaging 10.7%, due to a strong currency. However, fiscal and structural reforms were on the backburner while fiscal buffers meant to smoothen budget spending during harsh times were emptied.