Ex­perts List Recipe for Busi­ness Growth in 2019

THISDAY - - BUSINESS / MONEY GUIDE - Sun­day Ehi­gia­tor

Ex­perts who spoke at the eco­nomic sum­mit or­gan­ised by the Re­deemed Chris­tian Church of God, Zone 20 La­gos at the week­end have high­lighted some recipe for busi­ness growth in 2019.

In the sum­mit tagged, ‘Eco­nomic Out­look and Prospects in Elec­tion Year’, the ex­perts urged en­trepreneurs to keep hopes alive, even in the ad­vent of the com­ing gen­eral elec­tions, say­ing things can only get bet­ter.

In his key­note ad­dress, BAA’s Chief Ex­ec­u­tive Of­fi­cer and Economist, Dr. Bio­dun Adedipe, started his speech with a quote from the Jan­uary 2019 World Bank Global Eco­nomic Prospects, which as­serts that

“Pub­lic pol­icy is not made by ‘whis­per­ing in the fi­nance min­is­ter’s ear.’ Rather, it is made by ar­riv­ing at a po­lit­i­cal con­sen­sus. That con­sen­sus is more likely to im­prove peo­ple’s lives if the pub­lic is in­formed with ev­i­dence”.

He said the econ­omy has had im­pres­sive macroe­co­nomic sta­bil­ity in the last two years.

He how­ever said, “there is hope for en­trepreneurs to sur­vive in this elec­tion year if they can get their pro­fil­ing right, get the right lo­ca­tion and know the needs of their clients in this pe­riod of elec­tion­eer­ing in­stead of tak­ing de­ci­sions out of panic.”

In his as­sess­ment of the Nige­rian econ­omy, he noted that ex­port was still ex­pand­ing strongly on the back of hy­dro­car­bons earn­ings.

“The sum­marised data shows that oil earn­ings led the econ­omy into re­ces­sion and brought it out.

“Oil gen­er­ates most of the earn­ings, but ac­counts for less than 10 per cent of GDP.

“A dis­con­nect of sort, as its link­age to the rest of the econ­omy is weak. Agri­cul­ture is dom­i­nant and holds the best prospect for wealth cre­ation for ‘lit­tle cap­i­tal’ house­holds. The se­cond quar­ter 2018 GDP shows that oil amounted about 8.55 per cent of it while non-oil had 91.45 per cent.

“Port­fo­lio in­vest­ments (PI) in money mar­ket in­stru­ments dom­i­nated since Q4 2017 due to open­ing up of trea­sury bills to for­eign in­vestors. Nige­ria re­mains an at­trac­tive in­vest­ment des­ti­na­tion. PI ac­counted for 51 per cent of to­tal in 2017 and 69.2 per cent as at Q3 2018.”

In her ad­dress, the Se­nior Spe­cial Ad­viser to the Pres­i­dent on In­dus­try, Trade and In­vest­ment, Dr. Jumoke Odu­wole, high­lighted var­i­ous in­ter­ven­tions by the fed­eral gov­ern­ment to boost the econ­omy as well as eco­nomic plans the Buhari-led ad­min­is­tra­tion was set to im­ple­ment in 2019 if re-elected.

Ac­cord­ing to Odu­wole, “2018 was a year of ex­ten­sive col­lab­o­ra­tion be­tween the Pres­i­den­tial En­abling Busi­ness En­vi­ron­ment Coun­cil (PEBEC) and Key Stake­hold­ers on Ease of Do­ing Busi­ness (EoDB).

“Over the last three years, Nige­ria has in­creased its dis­tance to Fron­tier (DTF) score by over 11 ba­sis points.

“In the same pe­riod, we moved up to 24 places in the World Bank do­ing busi­ness rank­ing. 32 Nige­rian states im­proved in their ease of do­ing busi­ness en­vi­ron­ment led by Kaduna, Enugu, Abia, La­gos and Anam­bra state.

“An EoDB sur­vey ad­judged Nige­ri­ans re­forms as im­pact­ful in terms of re­duc­tion in time cost and pro­ce­dures of do­ing busi­ness.

“In 2019, PEDEC will con­tinue to work in col­lab­o­ra­tion with MDAs and other pub­lic and pri­vate sec­tor part­ners to en­sure this high-im­pact in­ter­ven­tion is sus­tained. This year is a year of con­sol­i­da­tion”. She said.

Ac­cord­ing to her, the ad­min­is­tra­tion in 2019, would be fo­cused on leg­isla­tive re­form, reg­u­la­tory re­forms, Na­tional Trad­ing Plat­forms (FMF/NCS), and Air­port Con­ces­sion (MOT).

On his part, Trop­ica Nat­u­ral Lim­ited’s boss, Mr. Bi­ola Ogun­rinde, urged en­trepreneurs to be proac­tive, say­ing “he who fails to pre­pare, pre­pares to fail.”

The CEO, Zi­nox Group, Mr. Leo Stan Ekeh, also high­lighted the sig­nif­i­cance of tech­nol­ogy to busi­nesses.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.