Looking inwards: Will Nigeria tread the path of economic recovery and growth in 2017

Abstract

In 2016, the Nigerian economy slipped into a recession. The business environment faced series of shocks arising majorly from the foreign exchange crisis, which had severe impact on operating cost, inflation and overall output. Following the lower crude oil prices, foreign exchange shortage became a major headline in the year, as Nigeria could not finance its rising import bills, while non-oil export plummeted. In this article, we present a review of Nigeria's economic activities in 2016 as well as the NESG's expectations for 2017. We have anchored this macroeconomic outlook on the theme “Made-in-Nigeria” and therefore stressed the need for Nigeria to look inwards by harnessing the potential that exist within the local economy.