What Nigeria's economy will look like in five years
Which way Nigeria? Source: Stears Business

I never thought my obsession with the TV Series Spartacus would help me with a Stears Business article.

Alas, today, I borrow the words of Marcus Licinius Crassus. Words said just after his defeat of Spartacus, a victory blatantly stolen from him by Pompey the Great, who he would later form a legendary political alliance known as the First Triumvirate of Ancient Rome.

The past cannot be altered. The present holds but regret and loss. It is only in the days to come that a man may find solace.

You would struggle to find words that better fit the Nigerian economy. It’s been battered by two recessions, rising inflation, and its worst currency crisis in modern history, with many more economic issues continuing to plague the country today.
 

Some takeaways:
 
  • Recent forecasts by the Ministry of Finance suggest that Nigeria’s economy will grow faster in the coming years, but most of the growth we will see in 2021 and 2022 is simply “recovery’’.

  • To afford the lifestyle you had at this moment in 2015; you would need to earn more than twice as much as you did then, based on official inflation statistics.

  • Nigeria’s inflation will remain double-digit up to 2024. 10% inflation means prices are still doubling every seven years.

Following Crassus’ lead, perhaps imagining what Nigeria’s economy looks like in the future will comfort us (if not our wallets). In classic

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Michael Famoroti

Michael Famoroti

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