Wednesday, February 1, 2017 12.00 PM / Proshare WebTV
Nigeria’s economic recovery from recession and the pathway to sustainable economic growth, came to the fore at the Cordros Capital 2017 annual economic roundtable in Lagos.
It was an opportunity for business leaders, economists, financial analysts and policy strategists to weigh in on the budget 2017, fiscal policies and economic strategies of the government and the possibilities of steering the economy, from the current downturn.
In his opening remarks Mr Bola Onadele,Koko the MD/CEO of FMDQ OTC said the Nigerian economy had experienced uncertainty and levels of volatility, stressing the need for a comprehensive economic plan to reposition the economy.
He urged economists, financial and investment bankers to participate in politics, which will position them to shape and influence economic and fiscal policies in the country.
Giving the prospects of economic recovery through the 2017 budget and fiscal policy of the Federal Government, Dr Ogho Okiti CEO Time Economics described the 2.2ml bpd crude oil production projection was overly optimistic.
Dr Okiti however agreed with the crude oil benchmark of $42.5 per barrel for the 2017 budget which for him was feasible and realistic.
The economist harped on the need for Nigeria to foster sustainable growth over a long period, through its budget and fiscal policy plan.
According to him, “The Nigerian budget should ensure growth translates to broad based increased incomes for Nigerians”, which has become critical at a time the impact of governance needs to be felt by the citizens.
With the rising tide of unemployment in the country, Dr Okiti called for concerted efforts by the government to tailor the budget to explore creating millions of jobs for Nigerians entering the workforce every year.
In his intervention at the economic roundtable, the Chief Economist for PriceWaterHouse Coopers Nigeria Dr Andrew Nevin asserted that Nigeria’s current economic state reflects a “moment of truth”.
Dr Nevin identified three key issues which the government must address in 2017, namely; the foreign exchange policy regime, improving the ease of doing business index and resolving the power sector challenges.
CEO of Cordros Capital Mr. Wale Agbeyangi described the roundtable as an opportunity for economists and financial analysts to engage stakeholders on economic policies, that will impact businesses and said the key recommendations will be submitted to the relevant ministries, departments and agencies(MDAs) for consideration.