With the 2019 general elections over, Nigeria’s economic managers, government officials, business leaders and other stakeholders will today gather at the BusinessDay post-election outlook conference to discuss the agenda that will drive economic growth and business confidence in Africa’s most populous country.
Godwin Emefiele, governor, Central Bank of Nigeria; Okey Enelamah, minister of Industry, Trade and Investment; Yemi Kale, statistician-general, and Patience Oniha, director-general, Debt Management Office (DMO), are among economy managers attending the conference holding from 9am at Four Points By Sheraton, Victoria Island, Lagos.
The Post-Election Outlook Conference by BusinessDay, West Africa’s most authoritative business daily, themed ‘An Agenda for Economic Growth and Business Confidence’, will provide expert insights on the task ahead and main areas of urgent focus for the President Muhammadu Buhari administration during its second term in office.
With a distinguished line-up of speakers and panellists from across key sectors of the economy, the conference will provide private sector-generated inputs for the Federal Government’s economic management strategy over the next four years.
Ayo Teriba, CEO, Economic Associates; Ayodeji Balogun, country manager, Afex Commodities; Bismarck Rewane, managing director/CEO, Financial Derivatives Company, and Franklin Ngwu, senior lecturer in strategy, finance and risk management, Lagos Business School, will be among the panellists at the conference.
Others panellists include Guy Czartoryski, head of research, Coronation Merchant Bank; Nonso Obikili, chief economist, BusinessDay, and Saeed Husaini, analyst at Control Risks.
Along with informed analysts and business leaders, these panellists will shed light on Nigeria’s economic indices as well as provide insight on the direction of the economy for the next four years. They will also explore prospects for growth amid a projected stabilisation in energy and commodity prices, which may provide a small tailwind for Nigeria this year.
Recall that much of the nation’s economic activities in the past months were piloted against the backdrop of electoral uncertainty. But taking a cue from the outcome, emphasis has now shifted to what President Buhari’s second term holds for the economy in 2019 and beyond.
President Buhari won a second term in the February 23 presidential polls, defeating his main challenger, Atiku Abubakar of the People’s Democratic Party (PDP), with 15.19 million votes to 11.26 million.
A feature of Buhari’s first term as president was weak economic growth from 2015 to 2018, when GDP grew well below trend and the country fell into recession in 2016.
One key cause was the oil price collapse in late 2014 and 2015 which put pressure on government revenues, the naira exchange rate, the trade account, and Nigeria’s ability to import critical industrial inputs.
Although there was a combination of uncertainty, confusion and anxiety following Buhari’s election victory, that has faded as focus returns to macroeconomic conditions. Buhari’s re-election suggests continuity, something that offers the nation a chance to build on its economic recovery and growth strategy, analysts say.
Buhari faces an extensive to-do list within a four-year timeframe, including rekindling economic growth, boosting infrastructure and, most importantly, diversification. On top of all of this, there are external risks in the form of trade tensions, slowing global growth and lower oil prices, all of which have the potential to threaten the nation’s recovery.
This year’s conference, as with previous editions, provides a unique platform for the attendees and delegates to debate and exchange ideas on the issues and trends impacting on Nigeria’s economic growth and development.
DIPO OLADEHINDE
