By Dr. Bunmi Awoyemi
A certain individual who has become famous for demarketing Nigeria daily and relentlessly, posted an IMF projection, that is forecasting that the Nigerian economy will fall to 4th largest in Africa in 2024.. IMF did not say that this is what it is in 2024, which still has over 6 months to go. IMF is forecasting. As we all know, they miss it most times. Why not wait for 2024 to end to see the real results?
Unfortunately, some unpatriotic Nigerians get extremely high and are ecstatic when they see anything that is negative about Nigeria. They seek out the bad news and blast it everywhere as if that will add anything to their lives.
What these Nigerians who hate Nigeria failed to factor in, is the extremely positive effect that Dangote Refinery will have on our economy, especially because it will be earning forex from sales of refined petroleum products to the global market.
The IMF’s uncharitable Forcast is bound to fall down flat on its face because it is using worst case scenario indices in the compilation of its forecast about Nigeria. As we have all witnessed,
Dangote Refinery is already selling its refined petroleum products and will soon add petrol to the refined products it is churning out on a daily basis. Its petrol will start flooding the global market from July 2024 thereby leapfroging us to either the largest economy in Africa or the 2nd largest economy in Africa by the end of 2024.
The hard fact is that the NNPCL/NNPC holds a 20% stake in Dangote Refinery. Nigeria’s economy will benefit immensely from that bigly. Over 25 oil refineries in Europe are heading for extention because of the new sheriff in town, called Dangote Refinery which has a capacity to refine a whooping 650, 000 barrels a day of crude oil. Pause for just 30 seconds and think about the tremendous impact that will have on the Nigerian economy.
Below is another forecast that forecasts that Nigeria will be the 2nd largest economy in Africa in 2024. I prefer to go for the more favorable forecast because it is in my interest for it to be well with Nigeria.
