The industrial sector also has great potential for growth. The major challenge is adequate infrastructure, especially power. The Central Bank of Nigeria has also taken a bold step in this regard in addition to the efforts of the Federal Government. While efforts are made to revive the ailing core industries (iron and steel, petrochemicals, aluminium, etc.
Lawrence Meyer, a former Federal Reserve Governor, in commenting on the Federal Reserve’s reactions to the financial market turbulence, said that the recent shift in policy stance “tells us how difficult it is to translate financial turbulence into macroeconomic forecast.” A model-based forecast is only as good as the key assumptions that it is based on.