Friday, February 26, 2016 05:30 PM /News
For exactly one month between January 25 and February 19, 2016 Proshare, Nigeria’s leading business, news, analysis and financial information hub as part of its mandate of enlightening, empowering and educating the citizenry, rolled its high-impact social media interactive forum tagged #AskProshare.
Focusing on “the Nigerian Economy in 2016 and You”, it utilized the twitter platform and created an avenue for 10 economists, 5 analysts and 5 women professionals to engage on critical topical issues that will shape the socio-economic sphere of the nation.
This initiative was well received in the social media community, as Nigerians were eager to engage and ask questions on the critical economy issues as it affects them.
Outcomes from the engagements
On the much debated currency crisis, FX issues and the question of whether or not to devalue the naira, Mr Marcel Okeke, Mr Opeyemi Agbaje, Mr Tunji Andrews, Dr Tunji Sobodu, Dr Martin Oluba and Mr Chuks Anyanwu all made a strong case that it was time for the devaluation of the naira. On the other hand, Dr Biodun Adedipe, asserted that devaluation is a lesser evil, as it has not solved Nigeria’s structural economic challenges, since adoption in 1986. Dr Temitope Oshikoya, also mentioned that devaluation does not guarantee the return of foreign investors.
Diversification of Revenue Sources
Mrs Toyin Sanni, Dr Temitope Oshikoya, believed Nigeria had to take seriously the “Diversification of its Revenue earnings”, as a way to reposition and boost the economy.
Dr Ayo Teriba, Mr Tunji Andrews, Dr Martin Oluba and Oluwatosin Olaseinde agreed that infrastructure in Nigeria, must be fixed to guarantee economic development.
Doing Business in 2016
For businesses, Mr Opeyemi Agbaje, Mr Abiodun Adedipe, Mr Bismark Rewane, Mrs Olufunmilayo Adepoju, Mr Feyi Fawehinmi and Mrs Toyin Sanni stressed the fact that businesses will have to effect cost-management, rethink their business models and become more proactive in strategies and plans. Oluwatosin Olaseinde also specified how business can take advantage of the current administration’s focus to diversify their businesses and facilitate innovations in line with Budget 2016.
For the 2016 economic indicators, Mr Ebo Ayodeji projected growth for Nigeria to hit 3.6%, while Mrs Olufunmilayo Adepoju forecasted a high inflation rate level for the country in the year.
Oil & Gas: Both Mr Dolapo Oni and Rolake Akinkugbe agreed that the Nigerian petroleum sector was in dire need of strategic reforms and a robust policy framework, beyond the Petroleum Industry Bill(PIB). Rolake urged the government to come out with an Investor friendly gas masterplan.
Real Estate: Ruth Obih asserted that the Nigerian real estate sector needs transparency and data to grow and develop.
Ebo Ayodeji: Expect market sentiments to remain negative, which will affect consumer spending.
Chuks Anyanwu: The “economy climate is really tough”, but for the daring, the equities space has good potentials for short-term returns.
Saheed Bashir: The Diversificstion of the Nigerian economy, will create value for the market.
Damilola Lawal: The equities market is headed for another tough year in 2016.
Most of them also asserted that there are opportunities in the agriculture, services, consumer goods, construction and industrial services sectors.
13. #AskProshare Day1: Marcel Okeke addresses key economic issues