Reno Omokri responds to Davido’s claim that Nigeria’s economy is in "shambles," citing evidence of economic growth. Omokri highlights key developments like a $2.5 billion investment, increased foreign reserves, and Nigeria’s growing GDP, disputing Davido’s assessment and presenting a more optimistic outlook for the country’s future.
In response to Nigerian musician Davido’s recent claim that the country’s economy is in “shambles,” former presidential aide Reno Omokri offered a strong counter-argument, listing several factors that reflect the nation’s economic progress. Omokri cited the $2.5 billion investment by JBS SA, the world’s largest meat producer, which marks the company’s first expansion into Africa, as a sign of global confidence in Nigeria’s economy. He also highlighted Nigeria’s 35% return on investment, the highest worldwide according to the Economist Intelligence Unit, as evidence of economic growth.
Omokri pointed out that Nigeria’s GDP grew by 3.19% in Q2 2024, outperforming both the previous quarter and the same period in 2023. He also noted an impressive increase in capital inflows, with the nation’s foreign reserves reaching a year-to-date high of $40 billion in November. The non-oil revenue for 2024 also exceeded expectations, with a total of ₦10.33 trillion recorded by August.
Omokri further argued that the positive effects of Nigeria’s new liberalized monetary and fiscal policies, along with the introduction of the O3 American Express Gold Business Card, were significant steps towards economic reform.
He pointed to the growing net worth of Nigerian entrepreneurs in the power sector, and the rise in revenue collection by Nigerian Customs, as indicators of economic recovery. According to Omokri, these developments contradict Davido’s view, suggesting that the country is on a stable path to economic growth.
