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Despite the government’s efforts to create and enhance the legal framework for the energy sector, the laws need further revisions. Contradictions within the legal framework do not create an attractive environment for investors, and the laws do not entail production and innovation capability development by focusing on green transformation to attract direct investments in local firms and organisations.
However, the projection for 2024 in the April report shows little optimism for Nigeria. In its January update, the IMF had projected a 2.9 percent economic growth for Nigeria in 2024. But in the April update, it has raised the country’s 2024 economic growth projection to 3.0 percent.
Dataphyte Advisory Note titled ‘the Nigerian Post-oil Economy: Going the Housing Consumer Credit Path’ has posited that Nigeria is yet to fully tap the potentials of its housing sector. According to details in the advisory note, if maximised, the Housing Sector could bring about economic growth and improve employment opportunities in the country.
In the last couple of years, the Nigerian government has described its budget in manners that suggest high aspirations for growth and development. In 2016 for instance, the budget carried a theme of change. Similarly, the 2018 budget was described as a budget of consolidation.
