AGS NEWS – Reno Omokri has disputed Dele Momodu’s assertion that Nigeria’s economy is deteriorating.

Momodu had penned an open letter to President Tinubu on July 18, expressing concern about the nation’s economic state.

In response, Omokri posted on X, arguing that the economy is not collapsing and provided several points to support his stance.

Omokri wrote:

“Response To My Beloved Senior, Dele Momodu: Nigeria’s Economy Is Not Collapsing. Far From It!

Dear Egbon Dele Momodu,

I read your open letter to President Bola Tinubu, where you claimed, ‘Our economy has virtually collapsed,’ among other things.

Respectfully, the facts do not support your assertions, and you did not provide any facts in your letter, only opinions. Let me present some facts that contradict your opinions.

Firstly, just yesterday, the International Monetary Fund projected a 3.1% GDP growth rate for Nigeria in 2024 due to current administration reforms.

This projection is one of the best for an African country in 2024, indicating a stable economy.

Secondly, Nigeria recorded a ₦6.52 trillion trade surplus in the first quarter of 2024, the highest ever. Previously, we had trade deficits, but due to monetary reforms, Nigeria now exports more than it imports, particularly in the non-oil sector.

Nigeria is now a net exporter of cement to Europe and refined petroleum products to Europe and West Africa. Ghana, for instance, depends on LPG from Nigeria. This indicates growth, not collapse.

Thirdly, since May 29, 2023, all Nigerian states have received significantly higher federal allocations than under the previous administration.

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Each state now gets at least 45% more, with Nasarawa getting nearly 100% more and Anambra 70% more, while their wage bills have not increased. This suggests economic strength, not collapse.

Fourthly, according to Financial Derivatives (FDC), Nigeria’s Stock Exchange, with a 22.90% return on investment, is now the most profitable capital market globally.

The National Bureau of Statistics confirmed this, noting that the Nigerian Stock Exchange’s all-share index (ASI) crossed the 100,000 mark for the first time in 2024. Investors are profiting, which indicates growth, not collapse.

Fifthly, capital inflow into Nigeria increased by 66.27% this year. Consequently, Fitch and S&P Global Ratings upgraded Nigeria’s economy to a Stable B, and foreign inflows into the capital market increased fivefold in the first quarter of 2024 to ₦93.37 billion from ₦18.12 billion last year.

Sixthly, despite the Central Bank of Nigeria clearing foreign exchange debts owed to foreign airlines and other investors, Nigeria’s foreign reserves hit a year-to-date high of an estimated $34 billion. Such a healthy reserve contradicts claims of economic collapse.

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Finally, the promised Student Loan is now being disbursed, indicating a significant boost in human resources as more youths gain access to education.

Considering these points, isn’t it possible, Egbon Dele, that your conclusions about the economy’s collapse are based more on assumptions than facts?”