Nigeria's economy position as at this time, when the first quarter of year 2017 wraps
At the beginning of this year, from the signs shown which I picked, I projected that this year will be at least 2-3 times better than last year- economically. At this time, when the first quarter of year 2017 wraps, growth is gaining momentum in the country and it is safe to say there are signs that the our economy has reached a turning point, even though uncertainties remain. In corollary, growth strengthens but "wrong" policies may keep getting in its way.
Polices that do not favour the building of financial capacity and the unlocking of investment flows will always amount to economic setbacks and adverse risk our nation will have to deal with. In other words, policies that tighten our nation's financial condition will always threaten the velocity of recovery our economy is increasingly gaining. This has been proven by the sudden appreciation of the Naira against the dollar which was made possible by the new policy actions released by CBN in the Foreign Exchange Market. The policies actions, which are said to be the handiwork of prof. Osinbajo (vice president) whilst president Buhari was on vacation on health grounds, loosened our nation's financial condition as availability of Foreign Exchange was increased in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions. Accordingly, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a rate not exceeding 20 percent above the interbank market rate.
In conclusion , strong monetary, fiscal and structural economic reform policies were critical to the Nigeria economy's future direction. That's to say neither increased infrastructure spending, anti- terrorism/corruption war is nearly as critical to determining our economic future as strong monetary, fiscal and structural economic reform policies.