4.3 C
New York
Tuesday, February 20, 2024
HomeNewsEconomy‘The Next Three To Four Years Will Be Difficult For Nigeria’ –...

‘The Next Three To Four Years Will Be Difficult For Nigeria’ – Moghalu Predicts, Suggests Way Out

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has predicted that Nigeria will struggle economically in the next three to four years.

Making this forecast in a post via his official X handle on Monday, Moghalu suggested that an adequate and reliable power supply is critical to many economic challenges currently bedevilling the country.

“Just finished briefing some global institutional-investor clients this morning on Nigeria. A mixed bag, frankly. In the best of scenarios, the next step 3 to four years will be difficult for Nigeria economically. But if we can get electricity generation up to 20,000 megawatts, the economy will take off. Adequate and reliable power supply holds the key to many of the economy’s problems, even the Naira,” Moghalu said.

His comment comes as Nigerians continue to suffer the brunt of the decision of President Bola Tinubu to immediately remove fuel subsidy upon assumption of office as the country’s president.

Advertisements

News360 Info recalls that the president’s decision had triggered an unprecedented rise in the pump price of fuel from N189 per litre to over N600.

The development had caused an unprecedented hike in the price of transportation and other vital commodities, including food items.

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari