Nigeria doesn’t have a revenue problem or a debt problem, according to PricewaterhouseCoopers (PwC) Advisory Partner and Chief Economist Dr. Andrew Nevin, but rather a growth problem.
In his remarks at the inaugural Webinar session held in 2023 by Nairametrics, with the theme “2023 Economic Opportunities to Mitigate Impact of Headwinds,” Nevin revealed this on Saturday, February 4, 2033.
Nevins claimed in the statement that he disagrees with Nigeria’s minister of finance, who has frequently claimed that the country’s revenue problems rather than its debt problems are the country’s main problems.
According to him, if the country’s economic growth continues on its current track, it would eventually reach a point when its GDP per capita will decline, which will likely lead to a debt crisis similar to the one the nation is currently experiencing.
He claimed that when Nigeria experiences 3% growth and the government grows more predatory toward businesses and people over the course of a few years in trying to take revenue, it creates a very challenging situation. Nevin claimed that by making advantage of its numerous inactive assets, Nigeria can expand its economy. He claimed that Nigeria’s underutilized real estate is one of the country’s most significant dead assets.
The Ajaokuta Steel Plant and Nigeria’s refineries were among the dead assets he identified for the federal government. He claimed that for Nigeria to advance, it must revive its dormant assets; else, a crisis will arise.
Additionally, he advised the Nigerian government to spend money on service exports and educating the country’s youth. He claimed that Nigeria was already doing better at exporting services than products. Nevin cited the Indian economy as support for his argument, claiming that it already exports services worth $200 billion.
