Guardian News: Oil Price Shocks: Economists Flay Nigeria’s Response

Unless the Federal Government does something ‘very drastic,’ the national economy may be heading for the precipice in the coming months, seasoned economists told The Guardian at the weekend.

Pat Okedinachi Utomi, a professor of Political Economy and Entrepreneurship, Henry Boyo, a crusading economist and writer, as well as Chris Okoli, a US-based Investment Advisor, all criticised Nigeria’s currency devaluation and other austerity measures in response to the global oil price shocks. They warned that ‘tougher days’ could be looming.

While Utomi stressed that exchange rate could hit N200 to the dollar by January 2015, Mr. Okoli was even more damning, insisting that the dollar will actually exchange for N300 by June the same year.
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