Nigeria To Experience Growth In The First Quarter Of 2024 – CEO Financial Derivatives Bismack Rewane
Chief Executive Officer of Financial Derivatives, Bismarck Rewane, says Nigeria’s economy is expected to experience growth in the first quarter of 2024.
Rewane speaking on a television programme said that there will be more pain in the short run but the good news is that there will be gains in the first quarter of 2024.
According to the economist, the Tinubu administration need to have its supplementary budget and recycle money into the system.
President Tinubu in his inaugural address had scrapped subsidy on petrol, raising the pump price of the product to n500 a litre, which had since increased to n617 per litre in Abuja, and around N568 a litre in Lagos.
The former Benue State Governor described the petrol subsidy regime as regressive, adding that the annual payments were not sustainable and that Tinubu “had to act”.
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Akume also said Tinubu’s actions of unifying the exchange rate and rejigging the country’s security architecture were proof of his commitment to securing the country’s future.
Commenting on the exchange rate, Rewane said: “What system is being used to keep your exchange rate from being misaligned fundamentally, I think that’s the key issue.
“The exchange rate is misaligned because there are certain things that are being done that affect it. For example, you are holding some variables constant while allowing some variables to change.
“In reality, no variable should be constant. Any economist who says a variable is in constant is practising partial equilibrium analysis and it doesn’t work.”
On June 14, the Central Bank of Nigeria (CBN) announced the unification of all segments of Nigeria’s FX market, and the floating of the local currency.
The policy was geared towards collapsing all FX windows into the investors and exporters (I&E) window.
