By Modupe Gbadeyanka

A research carried out by FBNQuest Research has predicted that Nigeria’s economy will leave recession this year and grow by 2 percent.

However, it pointed out that there would be another devaluation of the Naira in 2017.

In June 2016, the Central Bank of Nigeria (CBN) floated the Naira in a bid to give the local currency strength at the foreign exchange market. But this seems not to have worked because the Naira has lost over N150 against the Dollar since then.

At the moment, the Naira is N516 to $1 at the parallel market compared with about N342 it was sold in June 2016.

In the report titled ‘2017 Outlook So much to do; so little time,’ it was noted that the fiscal stimulus for this will be the main driver, supported by a recovery in oil production and selective private investment.

“Beyond our forecast horizon, household consumption will recover, leading to an acceleration in growth,” part of the report said.

According to FBNQuest Research, “The 2017 budget proposals are still more expansionary than the previous year’s, set a heady target for capital releases and maintain the level of personnel costs. If the FGN is able to hit its revenue targets and implement its proposals, we will see a sizeable fiscal stimulus. We could have the rare bonus of a relatively fast passage of the budget.”

It described the 2017 budget proposals as “ambitious”, noting that it contains aggregate spending of N7.30 trillion including unprecedented capital releases of N2.24 trillion, aggregate revenues of N4.94 trillion and a mouth-watering FGN deficit of N2.36 trillion.

The report identified these as “hefty increases on the 2016 budget and even larger increases on the likely outturn for 2016. “

It said one change for the better is that the FGN has produced more realistic projections for non-oil revenue collection, and assumed that the oil economy will generate more revenue than the non-oil.

Kindly read concluding part here: http://www.businesspost.ng/2017/02/19/nigeria-quit-recession-2017-devalue-naira-fbnquest-research/

Until we have competent hands managing our affairs, things will not change for the better.

$1 will equal 1000 naira by d end of this yr as long as this dullard is on d throne..

Bubu is running a cut and join economic, they are no map out policies to guide their day to day running of the govt, and here u they are talking about recovery.

Gurumaharaji:
$1 will equal 1000 naira by d end of this yr as long as this dullard is on d throne..

on the throne keh? u dy vex o

#positivevibes

Buhari and his economic policies are the reason why we are still in recession.

Gurumaharaji:
$1 will equal 1000 naira by d end of this yr as long[size=8pt][/size] as this dullard is on d throne..

Not in this world.

Everytime devalue devalue, they should kuku remove the value kpata kpata ..