2024: Nigerians expect govt to maintain low profile, stabilise the naira, patronise local products

As the day winds down for a New Year to begin, Nigerians across the length and breadth of the country have called on government to ameliorate suffering of the masses in 2024, as 2023 was an unforgettable experience.

They also called on government to maintain low profile and shun ostentatious living.Speaking differently to The Guardian, they said government has fundamental role to play in making Nigeria the country of their dream. But this could only be possible if government is able to stabilise the Naira and encourage local production so as to boost the economy.They noted that 2023 was tough for many citizens, especially after the subsidy removal and policy around the unification of exchange rate which has failed. So, they are looking forward to a better year and country in 2024.Former Director General of Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, noted that 2023 story was a tale of two major transitions:“We had the political transition and we had significant economic policy transition as evidenced by recent reforms. Both offered new opportunities for economic growth and prosperity. There were also some inherent shocks and challenges, especially around new inflationary pressures.“However, there is a good chance that the economic headwinds and shocks of 2024 would not be as severe as what was experienced in 2023. And this is premised on a number of considerations.“The current efforts of the Central Bank of Nigeria (CBN) in clearing the forex mature obligations, the removal of policy impediments to forex inflows and the import substitution effects of domestic refining of petroleum products would have a considerable positive impact on the economic outlook for 2024.”He was also optimistic that the efforts of government to curb the menace of oil theft and boost crude oil output would positively impact on the outlook for foreign reserves and the stability of the exchange rate.“Already the fiscal space is getting better, following the revenue effects of the fuel subsidy removal and the foreign exchange policy reforms.However, the challenge of insecurity, crude oil theft, rising recurrent expenditure and the social outcomes of economic reforms are potential risks to the outlook.“The biggest challenge to our manufacturing sector is the huge exposure to the external sector, specifically imported raw materials. The sector outlook will depend to a large extent on the stability of the foreign exchange market and the related forex liquidity.“However, to the extent that the CBN had demonstrated a clear commitment to the stabilisation of the foreign exchange market, the manufacturing sector outlook may be more on the upside in 2024.“The rising prospects of heightened domestic refining of petroleum products are expected to generate better backward integration and import substitution outcomes for the economy in 2024. The expected increase in domestic petrochemical output will hopefully ease the pressure of importation of raw materials by manufacturers.”He, nonetheless, noted that the oil and gas sector is still the life wire of the Nigerian economy, from a balance of payment and external sector perspectives.