In 2021, Nigeria experienced headwinds and breakthroughs across the different sectors of the economy as the country was gradually recovering from the impact of the pandemic in 2020 and resulting lockdowns which meted heavy repercussions to the economy, stalling growth and even driving the country into a recession. As at Q3 2021, Real GDP grew by 4.03% which was the fourth consecutive quarterly economic growth, indicating recovery from the economic recession recorded in the previous year as a result of the covid-19 pandemic.
Having reviewed 2021 performance, experts have given their outlooks on what Nigerians should expect to happen in 2022. At the Nigerian Economic Outlook event, organized by FirstBank, economists on the panel gave insights into what should be expected based on different scenarios that could be adopted by the government during the year.
The keynote speaker, Mr. Bismarck Rewane elucidated on two major scenarios; the first based on a Legacy driven year which will see the government adopting reform-oriented policies; driven by a need to leave behind a legacy after the administration hands over, embrace election neutrality and become more election-friendly. According to Mr. Rewane, the expectations from this scenario are subsidy removal, implementation of cost-effective tariffs, increased supply in the forex market and a convergence of Exchange rates