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, in which you said, "Our economy has virtually collapsed", among other things. Respectfully, the facts do not support your assertions, and in your open letter, you did not provide any facts. Only opinions. So, please let me present some facts that contradict your opinions. 

Firstly, only yesterday, the International Monetary Fund projected that due to the reforms being undertaken by the current administration, Nigeria will have a 3.1% GDP growth rate in 2024. This is one of the best projections for an African country in 2024, and does not signal an economy that has 'virtually collapsed.'

Secondly, Nigeria had a record high of ₦6.52 trillion trade surplus in the first quarter of 2024. This has never happened before. We routinely had trade deficits in the past. This means that because of the monetary reforms by the current government, Nigeria is now exporting significantly more than it is importing, and the growth is largely in the non-oil sector.

For example, Nigeria is now a net exporter of clement to Europe and a growing exporter of refined petroleum products to Europe and West African states. Ghana, a fellow petroleum exporting country, is largely dependent on LPG from Nigeria. This projects growth, not collapse.

Thirdly, in terms of revenue, all Nigerian states, bar none, have received significantly higher federal allocations since May 29, 2023, than they were receiving under the Buhari regime. Each state now gets at least 45% more federal allocation, with Nasarawa getting almost 100% more and Anambra getting 70% more, whereas their wage bill has not increased.

The above projects economic strength rather than collapse.

Fourthly, according to Financial Derivatives (FDC), with a Return on Investment of 22.90%, Nigeria's Stock Exchange is now the most profitable capital market on Earth, bar none. Please note that. Bar none. The National Bureau of Statistics has also corroborated this. For the first time in our history, the all-share index (ASI) of the Nigerian Stock Exchange crossed the 100,000 mark in 2024.

I would not categorise such growth as collapse, and I am sure investors who smiled to the bank would not either.

Fifthly, capital inflow into Nigeria increased by 66.27% this year. This is probably why Fitch and S&P Global Ratings upgraded Nigeria's economy to a Stable B, and why foreign inflows into the capital market jumped fivefold in the first quarter of 2024 to N93.37 billion from N18.12 billion in the same period last year.

Sixthly, despite clearing the backlog of foreign exchange debts owed to foreign airlines and other foreign investors by the Central Bank of Nigeria, Nigeria's foreign reserve hit a year-to-date high of an estimated $34 billion this year. How can a nation with such a healthy reserve be said to be on the verge of economic collapse?

Finally, the Student Loan promised is now a reality and is being disbursed. That means Nigeria is about to witness a dramatic increase in its human resources, as more youths will have access to education.

Therefore, bearing the above in mind, is it not possible, egbon Dele, that you may have focused too much on assumption and too little on facts to come to your conclusion that Nigeria's economy is collapsing?

Reno Omokri

Reno is trying so hard to get a job from this government. A government that has rendered once average families paupers. Giving them sleepless nights as to how to provide basic needs and essentials.

A party he was vocal against has turned all of a sudden his darling party.

Wetin poverty nor fit do nor Dey exist.

Nigeria is in the right hand

God bless President Bola Ahmed Tinubu

God bless the south west and the south south

God bless northern Nigeria.

God bless Nigeria

Doyin Okupe and other Nigerians also reacted to Rono Omokri’s well researched response.

Reno my guy,where do you actually belong to?

Well,he actually gave some pure facts than Dele..

Sonnobax15:

Reno my guy,where do you actually belong to?

He belongs to the category of sensible and reasonable Nigerians who understands the economic situation of the country and appreciate the efforts Mr. President is making to rescue the country from her economic challenges.

Hopefully, the moderators who pushed the blatant lies in Dele Momodu’s post to front page will also push this well articulated response to front page at the right time as well for balanced reading.

I'm the last person Reno will deceive with his sudden famz , he should be kept at a long distance.

Omokri the paid defender

Reno come back and feel your economic growth, stop living in comfort of another man's land and supporting destruction of our economy.

Reno the paid defender, what are you even saying? ..... We're saying that whatever growth the country is making should reflect on the well being of the people. The government is for the people, not for paper projections.
Things are very difficult and prices of all commodities including pms and food stuffs have gone haywire.
Make sure you don't come out to say this in the midst of the people because you may not find it funny

PoundHound:
Reno is trying so hard to get a job from this government. A government that has rendered once average families paupers. Giving them sleepless nights as to how to provide basic needs and essentials.

A party he was vocal against has turned all of a sudden his darling party.

Wetin poverty nor fit do nor Dey exist.

What job again? So you don't know he's on a remote Job already for this government. He's on a full time paid job, lucratively paid

PoundHound:
Reno is trying so hard to get a job from this government. A government that has rendered once average families paupers. Giving them sleepless nights as to how to provide basic needs and essentials.

A party he was vocal against has turned all of a sudden his darling party.

Wetin poverty nor fit do nor Dey exist.

I expected u to dissect and criticize his logic with a superior argument but it's the usual balderdash from that group of people we all know

If u can't use stats and sound analysis to counter him, swerve abeg

Medipharm:
Reno the paid defender, what are you even saying? ..... We're saying that whatever growth the country is making should reflect on the well being of the people. The government is for the people, not for paper projections.
Things are very difficult and prices of all commodities including pms and food stuffs have gone haywire.
Make sure you don't come out to say this in the midst of the people because you may not find it funny

Medipharm:
Reno the paid defender, what are you even saying? ..... We're saying that whatever growth the country is making should reflect on the well being of the people. The government is for the people, not for paper projections.
Things are very difficult and prices of all commodities including pms and food stuffs have gone haywire.
Make sure you don't come out to say this in the midst of the people because you may not find it funny

We all know why things are expensive except we all want to keep deceiving ourselves. Things have been done so wrongly for a long time and for the first time, we have a president who is trying to correct decades of wrong policies and practices.

Nobody can stabilize the country in four years not to even talk of a year. The reforms Tinubu is pushing is for the economic sustainability of Nigeria in the long term. We must all understand this and accept the current challenges as sacrifices we need to make for a better tomorrow.

No president in recent history has dared to fight Subsidy cabal, forex cabals, state governors, northern hegemonist, powerful monopolist like Dangote etc all at the same time. We should be supporting him to win all these battles and not distracting him with all these noise from pained political losers like Dele Momodu, Atiku and Peter Obi.

This Reno Omokri is now the presidential spokesman for Tinubu.

ALTERNATEID:


We all know why things are expensive except we all want to keep deceiving ourselves. Things have been done so wrongly for a long time and for the first time, we have a president who is trying to correct decades of wrong policies and practices.
Nobody can stabilize the country in four years not to even talk of a year. The reforms Tinubu is pushing is for the economic sustainability of Nigeria in the long term. We must all understand this and accept the current challenges as sacrifices we need to make for a better tomorrow.
No president in recent history has dared to fight Subsidy cabal, forex cabals, state governors, northern hegemonist, powerful monopolist like Dangote etc all at the same time. We should be supporting him to win all these battles and not distracting him with all these noise.

Obviously you're paid.

Chai!
Bros Reno, Abeg soft pedal small joor.
The way you dey defend PBAT ehn...
You just dey give emergency lovers of NG wotowoto.

Well, how you go see 6 or 9 depends on where you dey from look am.

Hmmm


RENO OMOKRI IS FOR SALE AND I BET YOU I WILL BUY HIM ONE DAY TO DEFEND ME.

JUST MARK MY WORD.

Reno o mockery na fbool

CyrusVI:


I expected u to dissect and criticize his logic with a superior argument but it's the usual balderdash from that group of people we all know

If u can't use stats and sound analysis to counter him, swerve abeg

Does any of his arguments befit the current state of things realistically?
Abi you forget say nor be statistics we go chop?

Hungry Reno dey seriously find gig.

O mockery of a fool

I’m always indifferent about this Reno but one thing about him is he knows how to state fact!

Reno has always been clueless even under Jonathan's government he was same.

rotadeco27:

I think u are more clueless than a man that dished out verifiable facts and figures for a response to a faceless argument. There is obviously hardship in the land, it doesn't,however, translate to economic indices. Market value respond rapidly to decline in economy indicators but very slow to it improvement. Surely with time, we will all smile again.

From a 1 sided analysis obviously it looks sensible and cute on paper until u put other financial and economic consideration and implications like our dead currency, hyperinflation and debt servicing to tell u how worthless and redundant everything reno said is.

Who takes this clawn serious 😂

Gratedes:
Nigeria's foreign reserve hit a year-to-date high of an estimated $34 billion this year. How can a nation with such a healthy reserve be said to be on the verge of economic collapse?

You dey mind Davido’s boy..

Eh yaah, this Rhino Omockery is really working so hard to get an appointment, what a shame

Economics does not give a shît about propaganda

PoundHound:
Reno is trying so hard to get a job from this government. A government that has rendered once average families paupers. Giving them sleepless nights as to how to provide basic needs and essentials.

A party he was vocal against has turned all of a sudden his darling party.

Wetin poverty nor fit do nor Dey exist.

He's not trying to get a job bro, he already got a job and he's doing his job.
He gets paid for this social media banters with the opposition.