Nigeria: Letter to My Countrymen - Averting an Economic Meltdown Via the Right Type of Asset Sales

27 September 2016
opinion

In my previous capacity as the Chairman of the Technical Committee of the National Council on Privatisation up until May 2015, I canvassed for the privatisation of the power sector, sale of NITEL and pushed for the sale of the refineries and the passage of the transport reform bills before time ran out on the last administration.

The Nigerian economy has since taken a turn for the worse. We are now confronted by the twin evils of economic stagnation (2.06% contraction of real GDP in the second quarter of 2016) and a high inflation rate (above 17%). Stagnation + Inflation = Stagflation. Those calling for a drop in interest rates, at a time of ravaging inflation and uncontained exchange rate pressures, are guilty of carrying out a partial/jaundiced analysis. Their prescription would further destabilise the macroeconomy.

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