Friday, January 28, 2022 / 7:51 AM / by Josephine Eriyo /
Header Image Credit: WebTV
Deloitte hosted its 2022 economic dialogue on Thursday, January 27th, 2022, themed "Sustainable Economic Growth and National Development Agenda" to provide insights into the macro-economic and financial market in Nigeria for the year.
The West African CEO, Deloitte, Fatai Folarin giving his welcome address, said that 2022 would be a good year, as most economies will continue to recover and strive towards GDP growth and economic stability. He also commended the present administration of the Federal Republic of Nigeria for its efforts to pass the appropriation bill. He believes that this gives the impression that Nigeria is ready for growth and accelerated economic development in years to come.
In her goodwill message, Mrs. Delia Ndlovu, Board Chair, Deloitte Africa, welcomed all attendees to the event and wished them a good discussion that will bring forth solutions for the economy in 2022.
Mr. Emeka Offor, the Acting Executive Secretary/CEO at the Nigerian Investment Promotion Commission, representing the Vice-President of the Republic of Nigeria, Prof. Yemi Osinbajo, in his Keynote address, said that despite the marginal success achieved, 2022 is enveloped with uncertainties of threats of new COVID variances. Hence, the need for increased deglobalization strategies and policies geared towards revenue mobilization and debt stabilization.
He also highlighted that Africa remains the driver of the global economy, with a growth rate of about 5% each year, compared to other continents. He also mentioned a need for bold, transformative reforms to sustain our expected growth potentials. He noted that the federal government of Nigeria had made critical commitments to improving Nigeria's business environment by introducing specific reforms so that business could thrive and spur economic growth.
Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, giving her keynote address, commended Deloitte for consistently organizing the "Nigeria Economic Outlook" to provide insight into the economy and financial market developments.
She highlighted that since February 2021, Nigeria had made significant progress in moving its economy towards a sustainable, robust, inclusive road path, as the country recorded four consecutive successful quarters of growth. She believed sustaining this growth would require significant spending on critical growth-enhancing Infrastructure.
Dr. Zainab said that the 2022 budget seeks to consolidate the steady growth performance in the Nigerian Economy, which has been recorded so far through massive spending on human and Infrastructure development. She informed stakeholders that this was the first budget developed in line with the new National Medium-Term Development Plan 2021-2025.
"The new National Medium-Term Development Plan is a medium-term blueprint designed to unlock the country's potentials in all sectors of the economy, as it aims to generate twenty-one million (21m) full-time jobs and lift thirty-five million (35m) people out of poverty by the year 2025" she added.
Dr. Martyn Davies, Managing Director, Emerging Markets, Deloitte, in his remarks, observed that Nigeria's economy, like many others, contracted in the year 2020 but bounced back in the year 2021 to pre-pandemic levels and is expected to continue to grow moderately. He said that the economy will show relative growth in the coming years.
Dr. Shubhum Chaudhuri, Country Director for Nigeria, World Bank, commended Nigeria for always having robust plans regarding economic growth but stressed that the problem with growth is that it does not thrive with the planning, but rather a practical implementation. He said that if there were tremendous growth regarding the Nigerian economy, there would be a need for robust implementation of outlined economic plans.
The event featured robust panel sessions that addressed topical issues, as it affects the Nigerian economy and prospects for growth in 2022, with seasoned panel of discussants.