Opinion: Into Strong Global Economic Headwinds, By Uddin Ifeanyi
Whether or not the Federal Government of Nigeria is able to pay off Process and Industrial Developments Ltd.’s judgment debt, from this vantage, the outlook for the Nigerian economy is dour. Lawyers are certain to continue splitting hairs over which of the country’s offshore assets may be properly attached to the debt — it would seem that to qualify, such assets must not be used for the country’s functioning as a sovereign state.
In addition, the most important numbers have failed to brighten the domestic canvas. Output growth has been underwhelming. Factor in the rate at which the population is growing, and one could sustain the argument that it is, in fact, negative. The threat to the social fabric from large numbers of unemployed youths remains unabated — and, as the low-intensity wars in parts of the country evidence, could, indeed, hurt the economy even more.
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