Nigeria to Revive Its Financial system through Financial Diversification

There’s a huge gulf between the reality of Nigeria’s financial system and its undisputed potential however closing the gap is achievable in keeping with the Buhari administration. This administration’s ‘Change” agenda includes the implementation of strategies to “close the gap” to the bright way forward for Africa’s largest economy.

Nigeria Consulting’s gross domestic product and population are projected to achieve $3.3 trillion and 399 million respectively by 2050,

Over the past three and a half years, Nigeria had to cope with security challenges, disruptions in oil production, exports and devastating floods. They remain optimistic because they survived and were able to make progress on many fronts.

For development, stability and prosperity the government is promoting a various, productive and competitive economy while utilizing fewer resources. The government had also reclaimed control over the North East territory from the Boko Haram terrorists as well as tackled grand corruption and improved transparency and accountability in public fund management.

The economy has had six quarters of progress after a recession. Nigeria’s gross domestic product grew by 1.81 percent within the third quarter of 2018 which is higher than the 1.17 percent development rate in the identical period of 2017.

Overseas alternate reserves elevated from $28.57 billion in May 2015 to $42.92 billion by mid-December 2018. The inflation rate additionally went down from 18.72 percent in January 2017 to 11.28 % in November 2018. The increase in non-oil exports and the decrease in imported meals and different items turned the 290.1 billion naira trade deficit in 2016 to a 681.27 billion naira surplus as of the third quarter of 2018.

The country has allotted its largest capital spending of 3 trillion naira ($8.3 billion) for crucial building of roads, energy stations and railways to connect individuals and goods across the country, as well as direct investments in individuals development — Africa’s largest social program.

The government continues to deal with creating and enabling a favorable enterprise setting for small and medium-sized enterprises. The reforms raised Nigeria’s rating by 24 places within the World Bank’s Doing Business report previously three years. For 2019 and past, the plan is to harness the energies of younger entrepreneurs within the development of agriculture and agro-based industries, stable minerals, expertise and innovation and the creative sector