Adeyemi: Only Sound Pro-business Policies can Revitalise Nigeria’s Ailing Economy

The Executive Chairperson of Still Earth Holdings, Oyindamola Adeyemi, has urged the incoming administration to as a matter of urgency, formulate and implement sound pro-business policies to put the nation’s economy back on track.

She explained that the incentives that promote an enabling environment for businesses to thrive should be prioritised to take the Nigerian economy out of doldrums.

Speaking at The Economist’s The World Ahead 2023 event, Adeyemi in her address, touched on the resilience of the Nigerian economy, as demonstrated by a moderate Gross Domestic Product (GDP), propelled by the improved performance of non-oil sectors such as agriculture, the service industry, and construction industry.

She however pointed out that the economy was yet to achieve the expected bounce-back rate primarily due to inflation and other disruptions in the economy, including the contraction of the oil and gas sector resulting from low output.

“The Nigerian economy has remained resilient with moderate GDP growth post-pandemic period, albeit below expectation with a spiraling inflationary rate. The non-oil sectors have continued to contribute positively, driven by agriculture, service industries, and construction while oil and gas contracted due to low outputs,” Adeyemi said.

She also expressed optimism that Nigeria’s economy could experience a stronger rebound after the election and is advocating for the formulation and implementation of the right policies.

She expressed confidence in the role of Still Earth Holdings in contributing to the country’s post-election economic growth while emphasising that the group, with its diversified portfolios in construction, oil and gas, and finance, is uniquely positioned to drive the national economy forward.

Through innovative solutions that promote resilience and sustainability, the group continues to support businesses and enterprises in various segments, positively impacting the economy.

While highlighting Still Earth Holdings’ contributions to the petroleum and energy sectors, Adeyemi explained the critical role of the subsidiary, Tirex Petroleum and Energy, in providing cutting-edge technologies and innovative solutions that enhance the efficiency of local oil exploration and production processes, ultimately boosting Nigeria’s global