Economic and financial experts have predicted a positive trajectory for Nigeria’s economy, ruling out the likelihood of a recession.
These experts disclosed this recently at an Economic Summit organised by the Redeemed Christian Church of God (RCCG), Christ the Lord Parish, Lekki, Lagos.
In his keynote address at the summit, renowned economist and also the chief executive officer of Financial Derivatives Company Limited, Bismarck Rewane, highlighted that out of 12 key economic variables for the nation, seven are trending positively.
Analysing recent developments, he referred to the Monetary Policy Committee (MPC), a 50 per cent hike in telecom charges post-rebasing, inflation dropping to 24 per cent, and a reduction in money supply growth as critical factors. According to him, this indicates that volatility has decreased as the economy approaches equilibrium.
On the issue of government taxation, he remarked, “Every time government revenue increases due to higher tax collections, levies, and similar measures, the amount of disposable income available to consumers declines.”
Other panellists who also spoke at the summit include the CEO of RTC Advisory Services Limited, Opeyemi Agbaje, alongside Founder/Chief Consultant B Adedipe & Associates, Dr Abiodun Adedipe, and Founder of Nairametrics, Mr Ugodre Obi-Chukwu, agreed that on the monetary and fiscal policy insights, the reduction in inflation to 24%, monetary tightening, and telecom price hikes are shaping Nigeria’s economic stability. Also, the experts said that the naira’s volatility is decreasing because the economy is moving toward equilibrium.
The panellists further explained that Nigeria’s GDP is currently between $228 billion and $300 billion, with potential growth to $400–$500 billion post-rebasing, and total factor productivity, which had been negative for a decade, is improving, reducing the risk of recession.
The experts noted that economic reforms over the years are beginning to yield results, with consistent GDP growth in 2024. The panellists stressed the importance of youth participation in driving financial progress.
Speaking on the church’s role in economic empowerment, the host and assistant pastor in Charge of Region 11 and Pastor in Charge of Lagos Province 20, RCCG, Pastor Tunde Netufo, emphasised the need for knowledge and self-sustenance, integrating economic discussions with biblical principles.
The unanimous decision at the summit, attended by over 2,800 participants (both online and in-person), was that Nigeria is experiencing a gradual economic recovery while calling for targeted reforms to address sectoral weaknesses.
