Nigeria News

Nigeria’s Economy on Focus in Geneva A Day to World Economic Forum in Davos, Switzerland

Nigeria recently joined the league of “Super Economies” or Mega Economies as it became Africa’s largest economy post rebasing its GDP. Growing at an average of 6-7% annually for the past five years and with a strong population of over 170 million people, the “Big Brother Country” west of the Sahara has a lot more to offer the investment world from its abundant natural reserves and human capital.

Oil and Gas has been the country’s most powerful economic strength and resources for decades as the largest oil producer in the continent and 7th largest oil producing nation in the world. Of recent other key sectors of Nigeria’s economy are now commanding front-rows in what dictates the shape of its future economic growth. One of this is the increasing diversification of its rich AgroAllied industry as well as core investments in infrastructure. Agriculture is becoming a successful diversification strategy by the current government of Presidnet Goodluck Jonathan since assuming office about four years ago. And notable economic shapers of its cabinet are the Dr. Okonji Iweala the Coordinating Minister of Economy and Finance Minister who was at he helm of affairs at World Bank, Dr. Olusegun Agangan, an Ex Goldman Sachs MD who sits atop the Ministry of Trade and Investments, Dr. Adewunmi who was at the FAO and now coordinates the Agric Portfolio and the notable Minister of Petroleum, Mrs. Deziani Alison-Madueke. The invincible ones are also lending help to balance the “shape and face” of the Nigerian Big-Man Economy.

The event is been put together by The Africa Wealth Report, a research and intelligence unit of AMET Nehterlands B.V, a leading Advisory firm and its partners in Switzerland. “The thrust of this Executive Meeting is anchored on sustaining the socio-economic space of the Nigerian economy whilst showcasing he countries immense investment opportunities to potential investors in this part of the world” says Mr. O. Paul Andrew, Chairman of African Wealth Report Advisory Board. Supported by some leading institutions, Well respected global institutions sponsoring the event include Cogent Global Energy, Guaranty Trust Bank plc, Asset Management Corporation of Nigeria (AMCON). The Executive Power Lunch of the event will be Chaired by Baron & Baroness Benjamin De Rothschild of the Rothschild Dynasty. Keynote and summit Chair is Aliko Dangote, President of the Dangote Group.

Currently, Investment Analysts are watching the election of 2015 and are looking to predict the future of the economy of this great African nation. The upcoming “Nigeria’s New Economic Code: Africa’s Largest Economy” event coming up this January will capture the frills and the thrills of this year’s economic discourse in Geneva, Switzerland and few days before the World Economic event in Davos.  In its usual atmosphere the event will parades top-level speakers and corporate moguls from Nigeria, and Switzerland. Corporate players from Nigeria’s top-rated firms, including financial institutions, oil and gas as well as the manufacturing sectors are expected to feature at the events as it looks beyond 2015 election period.

Nigeria’s new economic code
The country is hugely endowed from a socio-economic standpoint and has one of the most dynamic and skilled workforces on the continent. Yet, despite having a wealth of both natural and human resources, Nigerians have yet to witness the transformational growth and stability needed to match the developed economies. The nation has recently re-joined the league of democracies, and now urgently needs to ensure its political stability, economic vibrancy and financial system stability, and to improve its infrastructure – especially power generation and distribution. All of these issues are the current concerns of Nigerians, who yearn for democratic gains and economic growth.
With election coming in February of 2015, President Goodluck Jonathan is seeking re-election and will need to redefine and inject fresh reforms as well as key drivers into his economic policies and plans. While there are divergent views and opinions on Nigeria’s “ecopol” future, some analysts are of the view that drastic steps need to be taken to restore confidence and assure the global community that Nigeria is committed to favourable policies and respect for international business norms and rules. On this note, we believe Nigerians have the right to know how and when the process of economic recovery would translate to growth and stability, what gains to expect with the ongoing reform in the banking sector, what form of economic stability and vibrancy it would produce for the growth of the industry, what policymakers have on their sleeves to translate the reform into a stable economic growth.
Nigeria at this stage in its development needs firm action to put its economy firmly on course. The current global economic upheavals in the financial markets are having adverse effect on the economy. Oil is currently priced below $80 and may face down-ward trend as a result of US dependency on local production. These and many more including high level of insecurity with Boko Haram issue as well as current Ebola crisis are likely to impact negatively on the country’s economy. What is required at this junction is for the political and regulatory authorities to cooperate and coordinate their activities with all of their stakeholders to bring about the needed reforms, recalibration of the economy and to communicate a positive and vibrant picture of Nigeria to the outside world.

• Andrew writes in from Geneva, Switzerland

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