Nigerian economy to hit $400bn by 2026 – Rewane

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Bismarck Rewane, the Managing Director of Financial Derivatives Company, forecasts Nigeria’s economy to grow by 3.5% by 2026, increasing the GDP to $400 billion.

He also anticipates improvements in Nigeria’s foreign reserves, reaching $20 billion, alongside a more efficient foreign exchange system.

Rewane further predicts inflation will drop to 22%, and the monetary policy rate will reduce to 20% by 2026.

Rewane cautioned that despite these positive projections, the naira may weaken to N1,550 per dollar in the parallel market.

He attributed the anticipated economic improvements to intervention funds, diaspora remittances, and exchange rate policies.

Additionally, he expects Nigeria’s trade balance to grow to $9.3 billion, with petrol prices stabilizing at N900 per litre due to increased production from the Dangote refinery.

The Minister of Finance also reported a net inflow of $2.35 billion into the Central Bank, which has helped stabilize the naira.

However, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy, expressed concerns over these projections, urging data-driven decision-making to address issues like unemployment and poor education.

(Punch)

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