Nigeria, Sept. 8 -- Ironic? Yes. But Nigeria's long-term heritage from the boom days of its export of crude oil are the structural weaknesses that hold its economy back today. Now and again, this malaise blisters, especially when the global oil price falls below the economy's funding needs. Then, as is the case today, local talking heads frame government's main assignment in terms of macroeconomic stability and fiscal reforms. Unify the exchange rate and move price discovery for the naira's exchange rate to the markets. Broaden the tax base, by including more domestic economic activity in the formal sector and diversifying government's receipts away from its traditional dependence on revenue from the export of crude oil. Rationalise subsi...
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