FG Urged to Prepare for Oil Price Drop
Standard Chartered Bank’s Chief Africa Economist Razia Khan, yesterday advised the federal government to initiate reforms that would prevent the economy from external shocks in the event of a slump in crude oil price.
“The dependence on oil is still very much in place. Is Nigeria preparing for a situation where oil prices could weaken again? The real question for the Nigerian economy is can it move away from its basic oil dependency?” she added. “It is too soon to see the impact of the AfCFTA. But what do know is that there is a broad base agreement to proceed with this exercise that dismantles 19 per cent of the tariff barriers that impedes intra-regional trade and if that is done, it is going to improve trade which is at a reasonable low level.
“Many of you would understand that this is a precarious time for the global economy and we have not even factored the impact of the Coronavirus in China. What we do know is that in emerging markets, China and India, account for between for 55 per cent of GDP. Meanwhile, Rand Merchant Bank Limited, which was one of the leading sponsors of the conference, noted in a report that trade is a major tool for boosting economic growth and capital formation.
“Trade landscape in Nigeria has evolved over the years. As Nigeria is an import independent economy, Trade alliances with countries within and outside Africa is key for the growth of Nigeria.
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