WRITTEN BY: Chioma Madonna Ndukwu
Reno Omokri has responded to Davido’s claim that Nigeria’s economy is in “shambles,” presenting evidence to counter the singer’s assertion. Omokri highlighted several positive developments, including a $2.5 billion investment by JBS SA, the world’s largest meat producer, in Nigeria. He stated, “This major investment… is a clear sign of global confidence in Nigeria’s economic potential.”
Omokri also pointed to Nigeria’s 35% return on investment, the highest globally, and the upgrade of Nigeria’s economy to a “Stable B” by Fitch and S&P. He added, “Nigeria’s GDP grew by 3.19% in Q2 2024, higher than previous quarters,” and noted that foreign reserves hit $40 billion. He concluded, “The global community is starting to recognise the positive impact of Nigeria’s reforms,” citing IMF Managing Director Kristalina Georgieva’s praise for Nigeria’s economic reforms.
Both Davido and Omokri make valid points. While it’s clear Nigeria faces challenges, the positive signs in investment and economic growth shouldn’t be ignored. It’s a complicated situation, with both good and bad happening at the same time.
