Wednesday, March 14, 2018 6.00PM / Proshare WebTV
Nigeria’s economy emerged from recession last year and currently has a GDP growth rate of 1.4% which is a slow but steady growth.
A recent report from the International Monetary Fund showed that despite the recovery from recession, Nigeria’s growth is still fragile at the moment.
At the 2018 edition of the annual roundtable of the Business Eye Magazine in Lagos, stakeholders converged to discuss “Ensuring Sustainable Recovery and Growth in a Fragile Economy”.
In her opening remarks Mrs. Ibim Semenitari the Publisher/Editor-In-Chief of Business Eye Magazine, described the forum as an interesting opportunity to exchange ideas on key developments in the Nigerian economy.
She said in light of the current state of the nation’s economy, it was critical to explore concrete ways to forge a robust economy that is on the pathway of sustained growth, considering its recent exit from a recession.
Giving insight into the economic landscape of Nigeria, Mr. Bismark Rewane the CEO of Financial Derivatives in his presentation shared that the country’s growth showed bright prospects with improvement in oil price and production.
With the external reserves currently at $46bn in February, 2018, inflation at 14.33% and the oil price above $63pb was a sign of good things for Nigeria.
He highlighted the following as the challenges ahead for the Nigerian socio-economic space; policy reforms will be slow due to the divisions in the political elite, fiscal expenditure will remain dominated by recurrent spending, growth will be constrained by crippling infrastructure deficit, protectionist sentiment will continue to delay regional and global trade prospects and business community will fight aggressive tax collection.
Rewane said good governance, accountability and transparency in the public/private sector and a pragmatic step in driving the country’s economic policies was vital to guaranteeing the positive growth trajectory.
Mr. Olufemi Awoyemi CEO of Proshare in his presentation called for a sustainable economic reform policy in the country to achieve sustained remarkable growth.
He decried the fact that Nigeria has adopted different economic policies in the fourth republic, without coherence and sustainability in implementation. This according to him has deprived the nation of attaining a productive economy status. Mr. Awoyemi called for a structural approach in driving economic policies that leads the nation to the path of sustainability.
Awoyemi agreed with Mr. Bismark Rewane that the policy space in Nigeria will play a major role in shaping the economy.