• Thursday, February 29, 2024
businessday logo


2024: Cedrus Africa urges Nigerians, entities to embrace investments


Olubusayo Adenuyi, Group Chief Executive Officer (GCEO, Cedrus Group Africa urges Nigerians and entities to embrace investments for a proactive approach in the face of economic uncertainties.

This comes on the heels of the company releasing its report showing positive investment outlook for 2024.

Adeniyi while speaking to Journalists reassured the public, stating that the released report, titled “2023 Rear View: A glimpse into 2024,” aims to dispel concerns and provide a positive outlook for the future.

He also highlighted the need for Nigerians to be self-reliant and take up responsibility to curb unemployment, stating that Cedrus aims to support this through its SME platform and the upcoming launch of Cedrus Microfinance Bank.

The report, he explained, explores the optimistic economic landscape, considering changes in government and addressing concerns in the foreign exchange market.

“We want to educate people that there’s nothing to panic about,” Adeniyi stated. He attributed currency exchange challenges to certain individuals taking advantage of the government’s exposure, applauding the Central Bank of Nigeria’s efforts in implementing reforms to stabilize the situation. Adeniyi predicts positive effects in the financial market in the coming weeks.

He reiterated Cedrus Group’s diverse approach to investment, catering to individuals, corporate entities, and governmental institutions.

Addressing concerns about Dangote Refinery importing crude from the USA, the GCEO clarified that it is a move to counter insecurity in the Niger Delta, emphasizing the refinery’s commitment to domestic production.

He said, “it is because we depend more on the government and not our hands. I still farm as old as I am. People who travel outside the country claiming they cannot do menial jobs still go and do menial jobs there to survive. That is why we have the SME platform to encourage the young ones and assist them.”

Also, he introduced the Diaspora Investment initiative, designed to encourage investment from Nigerians in the diaspora, addressing trust issues by being a regulated entity.

He outlined key areas for investment in 2024 as Agriculture, Renewable Energy, Fintech, and Power.

Chinaemelum Nwaeze, research analyst at Cedrus Group, explaining the report’s details, emphasized cautious optimism in the face of global and domestic uncertainties. While 2023 showed resilience, the report anticipates moderate economic growth in 2024, with increased inflation and interest rates. The efforts of the Central Bank, such as selling excess dollars, are expected to strengthen the naira in the coming weeks.

“We are expecting moderate growth in the economy. But in the domestic economy we still did well but just a little because in the Q2 2023 to Q3 2023 report we are only seeing 3 point increase. But this 2024 we are expecting moderate growth in the economy.

“Based on the input from the CBN Governor we expect to see an increase in inflation rate in 2024 but also in interest rate. We are seeing a lot of effort from the CBN,” She said,

Busola Ogbonna, managing director, stressed the importance of turning savings into investments and adopting a “spend and invest” mentality. Cedrus Group Africa, she mentioned, offers diverse investment options, including quality stocks, fixed bonds, and FGN bonds