Business Nigeria To Face Bleak Economy Next Year – The Economist

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Nigerians have been told to expect a bleak economy in 2016.

According to the magazine’s analysts, early signs are of a worrying resurgence of economic nationalism, stressing that economic growth under the presidency of Muhammadu Buhari will be “uninspiring” in 2016.
“Given policy uncertainties and a lower oil price environment, the Economist Intelligence Unit expects growth to remain well below recent averages throughout the 2016-20 forecast period.”

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It noted that Buhari made a slow start to his presidency, with his cabinet only sworn in during mid-November. Therefore, “ministers will take time to settle in and so the clearer policy lines investors want will then take into 2016 to establish.”

The All Progressives Congress (APC) will limit Buhari’s strides in the management of Nigeria’s oil sector, it added. Nigeria’s budget balance, according to The Economist, stood at -1.4, the least among all the countries explored, with Angola at -2.1, Egypt -9.2, Saudi Arabia -11.4, and South Africa’s -3.5.

The magazine said Buhari will address the problem of corruption and insecurity in the country. “The new president, Muhammadu Buhari, will use his political capital to address entrenched problems of corruption, insecurity and low living standards, but the patience of an electorate with high expectations will be short.

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