NIGERIA’S ECONOMIC OUTLOOK : FOCUS ON 2ND HALF OF 2022

Cost of energy, Inflation pressure, Oil output downtime and Supply disruptions are expected to impact on the economy in the second half of the year of 2022. This is position of experts. That’s our next talking point on the show.

In reaction to recent claims by the President, Mr. Muhammadu Buhari, that the economy under the current administration is better than it was in 2015, experts have noted that the growth of the real sector and the overall economy over the period declined.

According to them, rising energy costs and a falling Naira have ensured that manufacturers spend more to source for FX, to import inputs, and operations; hence the reason local manufacturers cannot produce at internationally competitive prices.

Meanwhile, global financing conditions have remained tight, synchronizing neatly with monetary policy tightening by systemic global central banks as inflationary pressures prove to no longer be transitory, putting Nigeria further in a tight condition.

Rising cost of energy is particularly biting hard on economic activities. From aviation fuel to diesel, cooking gas to kerosene, the prices have gone up by almost 180%.

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Latest data from the Nigerian National Petroleum Company Limited reveals that Nigerian government currently spends over N600 as subsidy on every liter of petrol consumed

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