“We are an import dependent economy” – This is what you’re likely to hear if you mention ‘devaluation’ to any Nigerian these days.
But assuming it’s true, how does Nigeria move from being such an economy to one that depends on exports for its living?
Here’s the concluding paragraph of my new piece over at Medium where I outline how Nigeria can possibly restructure its economy in the short to medium term:
Simply repeating that Nigeria is an import dependent economy is no longer enough. Wishing that the economy will somehow diversify itself is not the behaviour of serious people. The current fiscal challenge as a result of the collapse in oil prices ought to be a teachable moment for Nigeria. But it is not the first time oil prices have crashed and there is no evidence that anything was learnt the last time it happened.
The full piece is here. It’s a bit long but I hope it’s worth your time.
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