The Nigerian Economy is one of the better performing Economy on the African Continent which has been battered by events around the World.
Senior Economist at SPM Partners, Paul Alaje, disclosed this while speaking to TVC News Tolulope Ogunjobi on the TVC News programme Business Nigeria.
Mr Alaje while taking a broad look at the World Economy on the basis of the prediction by the International Monetary Fund that a Third of the World’s Economy will go into recession in 2023 while the remaining two thirds will also experience recession like developments in the year.
Mr Alaje said the developments in China with the adoption of the Zero Covid policy of the Chinese Communist Party has ensured a Supply and Demand disruption in the Global Economic Value chain especially for African Countries.
He disclosed that the War between Russia and Ukraine has also ensured that their is price inflation across most African Countries with Ghana a particular concern with a far higher Inflation figure than Nigeria.
He said the price Inflation especially in food prices has made it extremely difficult for most Africans to have a stress free life during the year.
He however said what is happening in the United States of America is a good sign for the Global Economy with the Labour market showing remarkable resilience to continue to create employment despite the shocks from elsewhere.
He also pointed at a sort of Cold War between Western and Eastern Europe made more acute by the ongoing War in Ukraine which has also led to a slowdown in the Economy across Europe.
Going Further, he said the fact most African Countries are posting a lot of positive results does not mean the Economy is growing with a closer look showing that poverty is growing across the continent.
He added that the Oil sector has to be in tip top shape for the Nigerian Economy to actually grow since the nations’ revenue is heavily Oil dependent.
