₦airaland Forum

After years of a whirlwind, things have already started looking up for Nigeria according to a lenghty article by Bloomberg. Nigeria recorded its first balance of payments surplus in three years for 2024, as reforms including boosting oil and gas production, removing fuel subsidies and free-floating the naira paid off.

Africa’s largest oil producer posted a surplus of $6.83 billion in 2024, compared with a $3.34 billion deficit a year earlier. And on the strength of Dangote’s plant, Nigeria has become a net exporter of petroleum products for the first time in three decades. The facility is expected to run completely on local crude when the foreign supply contracts of domestic ¬producers expire this year. The refinery has the capacity to process 650,000 barrels of oil a day, meeting Nigeria’s entire petrol demand and leaving room for exports to grow.

Nigeria has also now paid off $3.4 billion borrowed from the International Monetary Fund during the Covid-19 pandemic, exiting the list of countries in debt to the Washington-based lender.

Nigerian foreign exchange reserves have increased, inflation has moderated and the naira has stabilised. In May, Moody’s Corp. upgraded the country’s foreign currency debt rating.

Assembling economic data about Nigeria’s economic well-bing is a continuous process, dependent on information that’s sometimes incomplete or late in arriving, which can lead to dramatic corrections as happened in the US a few weeks ago. Another such shift happened in Nigeria last month when it was announced that the nation’s gross domestic product was suddenly more than 30% bigger.

Gathering figures for an emerging or frontier market isn’t straightforward — particularly given how much activity occurs outside the formal part of the economy that features salaried workers. Arguably, the revised look at Nigeria offers a more accurate picture.

It remains the fourth-largest economy on the African continent, having lost its status as No. 1 two years ago, when President Bola Tinubu endorsed a more realistic exchange rate by letting the naira float more freely.

The new data show the west African nation to be more agricultural and less industrialised than before, according to an assessment by JPMorgan Chase economist Gbolahan Taiwo.

Manufacturing is less than 9% of GDP now, versus the near 14% previously claimed. And the “informal” sector is now bigger, at almost 43% of GDP — reflecting a nation that provides its citizens with few services.

In Nigeria’s economy, “you have to provide almost everything by yourself,” says Aliko Dangote, the nation’s and perhaps Africa’s most successful self-made.

There’s a long ways to go though. Almost a third of Nigeria’s 230 million-plus people live on less than $2.15 a day, the World Bank’s definition of extreme poverty. Life expectancy is age 54, five years lower than that of Somalia. Petrol and diesel generators provide much of the power consumed in the country because of perennial outages, and the skylines of big cities are littered with tanks holding water from privately dug boreholes.

This reality — grinding poverty in a country with great natural wealth — is common.

Economists call it the “resource curse” and consider Nigeria a prime example. The idea is that oil and other minerals can often hinder rather than help countries’ development.

Studies have found that overreliance on such bounty can crowd out other industries, leaving countries underdeveloped and subject to volatile commodity prices.

Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

Cosmetic improvements in exchange for deeper cracks.

The paid article talks of clearing IMF loans of $3.4B but how much have we borrowed elsewhere to substitute the indebtness to IMF?

Hehehe.

We will continue to hear big grammar until their tenure is over.

All their achievements is on paper and the only one's smiling are political appointees and family.

They told us that removing fuel subsidy will turn Nigeria to another Dubai, today we are even borrowing more.

They said floating the naira is the greatest move,we know where we are today.

They said once they remove subsidy on electricity,we will be competing with China for power, another big lamba.

CNG is the next big thing according to them,they celebrated that news for months,we know where we are today.

Bank charges nko?

By next year we will see another drama with their proposed taxation

The president is at work, be patient guys, he just needs a little more time —perhaps 6 more years

This administration dey really, really favour me make I talk true. May Almighty God continue to bless President Bola Ahmed Tinubu and the Federal Republic of Nigeria. I pray e go favor all of una wey dey complain too o.

Slow and steady. Nigeria is in the right direction with president Tinubu

All this rubbish journals and statistics are not helping the hungry masses provide work for them not telling stories.

May Nigeria never happen to me.

NewDigitalWorld:
Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

Bad News for our friends from the Sad East! The best news so far!

Booked






Please don't make racist and tribalistic comments on this section

Loan substitution is not progress. Tell yekini that.

Hard road still ahead...why the lie about exit that's not in sight

Kudos to President Tinubu and Nigerians.
However,we want it to trickle down to the masses.

Which economic downturn is Nigeria exiting?

Health, education, manufacturing, transportation, security, ease of doing business, agriculture, employment, purchasing power, pension/salary payment are the areas you gonna see the impact. But nothing good to show.

Propaganda and self praise in failure is what APC invests in.

APC plunged Nigeria into economic downturn wastage and corruption (10tn naira on refinery revamp, fake rice pyramid, air Nigeria, crude oil theft, school feeding program, conditional cash transfer etc.) now they want to announce success in the face of disaster.
All APC supporters are enjoying Stockholm syndrome. Happy slaves.

Business men like Atiku and obi are happy with tinubu economy reform

NewDigitalWorld:
Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

NIGERIA IS CURSED FOREVER WITH BAD TERIBBLE LEADERS. NO CHANGE EVEN TILL YEAR 3030. NO PRAYERS CAN FIX THIS CURSED NATION.

helinues:
Slow and steady. Nigeria is in the right direction with president Tinubu

I thought that in May/June 2023, tinubu "hit the ground running"?

Which one is this "slow and steady" you are now talking about?

how has tinubu successfully tackled corruption, nepotism, cronyism, hunger, unemployment, hardship, poverty, inflation, wasteful government spending, budget padding, insecurity, bad governance, failing public infrastructure, poor medial services and falling standard of education?

lexy2014:
I thought that in May/June 2023, tinubu "hit the ground running"?

Which one is this "slow and steady" you are now talking about?

how has tinubu successfully tackled corruption, nepotism, cronyism, hunger, unemployment, hardship, poverty, inflation, wasteful government spending, budget padding, insecurity, bad governance, failing public infrastructure, poor medial services and falling standard of education?

Please stop. Today is Monday. Nobody get time for your time wasting questions

Life expectancy is age 54, five years lower than that of Somalia. Petrol and diesel generators provide much of the power consumed in the country because of perennial outages, and the skylines of big cities are littered with tanks holding water from privately dug boreholes.

This reality — grinding poverty in a country with great natural wealth — is common.

Economists call it the “resource curse” and consider Nigeria a prime example. The idea is that oil and other minerals can often hinder rather than help countries’ development.

Some Nigerians still believe that government has no business easing the living conditions of her citizens, they tagged such things seeking handouts from the government like they don't see how it happens abroad, like they don't know what their leaders are stealing.

helinues:
Slow and steady. Nigeria is in the right direction with president Tinubu

And didn't you say the same about Buhari during his administration?

So what changed? Nah Buhari abi Tinubu be right direction now? Bunch of sycophants and tribal bigots

crossfm:
Hehehe.

We will continue to hear big grammar until their tenure is over.

All their achievements is on paper and the only one's smiling are political appointees and family.

They told us that removing fuel subsidy will turn Nigeria to another Dubai, today we are even borrowing more.

They said floating the naira is the greatest move,we know where we are today.

They said once they remove subsidy on electricity,we will be competing with China for power, another big lamba.

CNG is the next big thing according to them,they celebrated that news for months,we know where we are today.

Bank charges nko?

By next year we will see another drama with their proposed taxation

Nigerians are naive, they still believe in empty promises.

Nigeria is the only nation with a trade surplus yet its currency is not appreciating

Whynotthetruth:
And didn't you say the same about Buhari during his administration?

So what changed? Nah Buhari abi Tinubu be right direction now? Bunch of sycophants and tribal bigots

Stop living in the past and catch up with the reality

NewDigitalWorld:
Source: https://businessday.ng/business-economy/article/nigeria-exiting-years-of-economic-doldrum-but-hard-road-ahead-still/

Who these ones wan deceive this Monday morning?

It’s too early abeg.

That hard road , we don Dey hear am since Buhari regime.

APC na scam.

maasoap:
Nigerians are naive, they still believe in empty promises.

My guy, what changed?

Some of your posts make it seem like your account has been hacked.

Or maybe this user name looks like one I use to know as a staunch supporter of anything APC/ Buhari/tinubu.

helinues:
Please stop. Today is Monday. Nobody get time for your time wasting questions

but today is monday. how did you come up with this below on monday? is everybody supposed to have time for this comment on monday?

helinues:
Slow and steady. Nigeria is in the right direction with president Tinubu

I thought that in May/June 2023, tinubu "hit the ground running"?

Which one is this "slow and steady" you are now talking about?

how has tinubu successfully tackled corruption, nepotism, cronyism, hunger, unemployment, hardship, poverty, inflation, wasteful government spending, budget padding, insecurity, bad governance, failing public infrastructure, poor medial services and falling standard of education?

Its not by paid for articles that the people know that the economy has improved, you people paid for the propaganda course but refused to pay for the governance course in the school of governing.

CodeTemplarr:
Cosmetic improvements in exchange for deeper cracks.

The paid article talks of clearing IMF loans of $3 4B but how much have we borrowed elsewhere to substitute the indebtness to IMF?

Try and check our ranking in Africa on debt to world bank

Always remember that the FG signed an MOU with Bloomberg on +be image of Nigeria economy...

So stop trusting them

..how csn one imagine that Nigeria is exiting her economic doldrums & at thesame time saying hard times are still ahead..?

..make that make sense..it is all lies, deceit & propaganda..

..you cant put exit of ecpnomic woes in one sentence with..& still expecting hard times in the future..my lawd..

..Nigerians should remember how tilumbu's maladministration paid millions of dollars to foreign media to whitewash the image of tilumbu's incompetence & rascality...

..Bloomberg is one of those foreign Media houses who received part of those million Dollar bribe to do the dirty job of propaganda..

..the lies of these set of creatures can make lucifer cringe in hell..