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Over the past five years, Nigeria’s economy has experienced two major external shocks that culminated in two economic recessions due to the drop in crude oil prices from approximately $107.95 in 2014 to about $43 by 2016 and the onset of the Covid-19 pandemic in 2020.
Given Nigeria’s dependence on crude oil exports for majority of its foreign exchange earnings and government revenues, these two shocks have had a severe negative impact on economic growth, government revenues, foreign exchange earnings, inflation and Nigeria’s balance of payment position.
As a result of these factors, the Nigerian economy has grown at 0.25% over the past 5 years, much below its estimated annual population growth of 2.7%.
The conversation with Ricardo Hausmann, Professor of the Practice of Economics at Harvard Kennedy School and Head of the Growth Lab at the Harvard Center for International Development, and Mr. Bismark Rewane, CEO of the Financial Derivatives Company, will evaluate the growth dynamics of Nigeria’s economy and shed light on the policy options with which policymakers could possibly address the challenges to growth currently being experienced while enabling growth in sectors that can lead to improved productivity of the Nigerian economy.
ORGANIZER: https://docs.google.com/forms/d/e/1FAIpQLSccOMqIZL9_yoxPb0nburDeYkd2xaLW...
WEBSITE: Harvard Kennedy School Alumni Association of Nigeria