In our 2020 Economic & Financial Markets Outlook, we noted that the second
term of President Muhammadu Buhari began with fiscal reforms as the Finance
Act and the amended PSC Act were signed into law in H2:2019. As the economy
was yet to fully recover from the 2016 economic recession, we highlighted that
the FG needed to mobilise more resources and attract investments in support of
areas such as infrastructure and human capital development. With the 2020
fiscal strategy unconvincing in these areas, we forecasted the economy to grow
by 2.4% from 2.3% in 2019.
