Experts said the country would, in 2024, bounce back if the government is willing to fix the foreign exchange (FX) crisis and stabilise the economy.
They said 2023 was a transition year marking the end of ex-President Muhammadu Buhari’s era and the beginning of President Bola Tinubu’s administration.
Professor of Transport and Logistics, Lagos State University (LASU), Samuel Odewumi, said 2023 was fraught with anxiety, expectations, disappointments, and hope. The economy, like many other sectors of the country, hit the low of the lows, he said.
Odewumi said his expectations for the year include the beginning of the recovery of the economy based on the outcomes of tough decisions taken by Tinubu at the take-off of his administration.
According to him, the removal of fuel subsidies and FX reform were the two toughest decisions.
He said: “I expect that President Tinubu will settle down to real governance devoid of palliatives that cannot fundamentally help the economy. They are just another form of consumption subsidies to another form. Using the gains of the subsidy removal and forex reform for another set of unproductive and corruption-invested palliatives will leave us worse off.
“Of what use is the investment in agriculture and enterprise when the farmers and businesses are not secured? The investment will not come in. So, let the President be aware that whatever he achieves without security is of no effect. It is the living that can enjoy the dividend of democracy.
“I expect that Dangote and Port Harcourt refineries will come on stream to relieve the nation of hard currency draining. I expect the rollout of massive student loans that will breathe life into our education sector.”
Also speaking, Chief Executive Officer of West Atlantic Cold-Chain and Commodities Limited, Henrii Nwanguma, described 2023 as a year of value erosion.
Nwanguma said the cost of FX-denominated commitments was higher based on naira devaluation.
He said only essentials are sold in most marketplaces now, although demand in the ultra-luxury segment is still strong even as the market shrank considerably.
He, however, said the challenges have set the stage for 2024, urging the government to focus on essential services and value-addition.
